Public Companies Bought 4.4M ETH in Q3, BitMine Leads as Ethereum Supply Tightening Could Influence Prices

• Public firms added 4.4M ETH in Q3 2025, a 1,937% quarter-over-quarter increase in corporate Ethereum holdings.

• BitMine Immersion Technologies holds the largest share with ~3M ETH, representing roughly half of corporate treasuries’ Ether.

• Combined ETF reserves (6.84M ETH), corporate treasuries (4.63M ETH) and 35.7M ETH staked remove a significant portion of supply from liquid markets.

Public companies bought 4.4M ETH in Q3 2025 — COINOTAG explains supply impact and price outlook; read our analysis and next steps for investors.

How much Ethereum did public companies buy in Q3 2025?

Public companies bought 4.4 million ETH in Q3 2025, spending about $19 billion and bringing total corporate holdings to approximately 4.63M ETH. Bitwise reports that near‑totality of these corporate Ether purchases occurred between July and September, reflecting a rapid institutional accumulation.

How is corporate accumulation affecting Ethereum’s liquid supply and price outlook?

Corporate purchases are materially reducing the available float. StrategicETHReserve data indicates digital asset treasuries now hold 5.9 million ETH — nearly 4.9% of total supply. In addition, exchange-traded funds hold roughly 6.84 million ETH and staking contracts lock 35.7 million ETH, further limiting liquid inventory.

The reduction in liquid supply increases the likelihood that demand shocks lead to outsized price moves. Analysts quoted in market briefings — including Tom Lee and Arthur Hayes — project a potential ETH range of $10,000–$12,000 by year-end 2025, citing continued institutional inflows and ETF participation. Expert commentary from Crypto Gucci describes the current environment as “record institutional demand and the smallest liquid float in history.”

Public companies added 4.4M ETH, worth about $19B in Q3 2025, driving record institutional demand and constraining available Ether for trading.

• Public firms added 4.4M ETH in Q3, pushing corporate Ethereum holdings up 1,937% quarter-over-quarter.
• BitMine leads corporate holders with ~3M ETH, tightening circulating Ether supply.
• Analysts forecast $10K–$12K ETH by end of 2025, citing institutional demand and shrinking market liquidity.

Public companies sharply increased Ether holdings in the third quarter, buying the vast majority of corporate treasuries’ current Ether balances. Bitwise reports that 95% of the Ether held by public firms was purchased during Q3 2025. Corporate treasuries now collectively own about 4.63 million ETH, representing a steep acceleration in balance-sheet allocation to digital assets.

Independent trackers show digital-asset treasuries now account for 5.9 million ETH. Market-price data places ETF holdings at roughly 6.84 million ETH (about 5.6% of supply). When combined with the 35.7 million ETH locked in staking mechanisms — which face withdrawal constraints — the effective free float available to active traders is meaningfully compressed.

Despite large-scale accumulation, Ether’s spot price experienced recent pressure, dipping from $4,200 to $3,980 after a sell-off and remaining around $4,049 at the time of publication. Market participants note directional patterns: buying tends to concentrate during Asian hours, while selling pressure can increase during U.S. sessions. Such intraday flows can amplify price volatility when available supply is low.

BitMine Immersion Technologies currently reports the single largest corporate holding, with roughly 3 million ETH on its balance sheet. The firm stated an objective to hold a material percentage of total supply and has been acquiring on dips. Public commentary from BitMine leadership frames the strategy as long-term treasury allocation rather than short-term trading.

Frequently Asked Questions

Which public companies hold the most Ethereum on their treasuries?

BitMine Immersion Technologies is the largest reported corporate holder with about 3 million ETH, representing ~51% of corporate Ether reserves. In total, 27 public companies now disclose Ether on their balance sheets, per Bitwise and market trackers.

How much ETH do corporate treasuries and ETFs control together?

Combined, corporate treasuries (~4.63M ETH) and ETFs (~6.84M ETH) control more than 11 million ETH. Add staking (35.7M ETH) and other long‑term locks, and a substantial portion of the supply is removed from daily liquidity.

Key Takeaways

• Massive Q3 accumulation: Corporate purchases totaled 4.4M ETH (~$19B), concentrated in Q3 2025.
• Supply compression: ETFs, treasuries and staking lock up a significant share of supply, decreasing liquid float.
• Price implications: With reduced liquidity, institutional demand could drive larger price moves; analysts cite $10K–$12K ETH as a possible scenario by year-end 2025.

Conclusion

Corporate treasuries accelerated Ether purchases in Q3 2025, with public companies buying approximately 4.4 million ETH and inflows concentrated over a single quarter. This accumulation, together with ETF reserves and large staking balances, tightens available liquidity and alters market dynamics. COINOTAG will continue monitoring institutional flows, on‑chain supply metrics, and official data from Bitwise, StrategicETHReserve and market trackers to update readers on how these shifts may influence Ether’s trajectory. For further COINOTAG coverage and updates, check en.coinotag.com.