Ethereum Treasury Companies Did Not Exist a Year Ago – Now They Hold 6.6% of All Supply

Twelve months ago, the amount of ETH held by corporate treasury companies was zero. Today it sits at an all-time high, according to data from StrategicEthReserve.xyz shared by Rand Group on March 15, 2026.

What the Chart Shows

The SER ETH Reserve historical data chart covers March 2025 through March 2026, tracking cumulative ETH held by Ethereum treasury companies on the left axis and as a percentage of total ETH supply on the right axis. The line starts at zero in March 2025 and has not looked back since.

Growth was gradual through April and May 2025 before accelerating sharply between June and August 2025, when the curve steepens visibly. The steepest climb on the chart runs from roughly 1 million ETH in June to above 4 million ETH by August, a period that coincided with Ethereum’s price approaching its cycle highs near $4,000. The accumulation continued through the remainder of 2025 and into 2026, with the current reading approaching 7 million ETH, representing approximately 6.6% of total circulating supply.

From Zero to 6.6% of Supply in Twelve Months

The speed of that accumulation is the headline. The corporate Ethereum treasury category did not exist as a meaningful market force before March 2025. Strategy’s Bitcoin playbook, which involved a public company using its balance sheet to accumulate a hard asset as a treasury strategy, found its Ethereum equivalent within the same calendar year.

BitMine Immersion Technologies, whose purchase of 5,000 ETH directly from the Ethereum Foundation was covered in earlier reporting today, is the most prominent example. BitMine already holds approximately 4.53 million ETH and has stated a target of owning 5% of Ethereum’s total circulating supply. That single company’s holdings represent the majority of the corporate treasury ETH visible on the chart.

The 6.6% of supply figure sits alongside the Ethereum Foundation’s own 70,000 ETH staking initiative and BlackRock’s staked ETH ETF launch, both covered earlier this week. Three separate institutional forces are simultaneously reducing the liquid ETH available in the market. Corporate treasuries are accumulating and holding. The Foundation is staking rather than selling. BlackRock is offering regulated ETH exposure to institutional investors.

Why the Timing Is Counterintuitive

The accumulation accelerating through the second half of 2025 and continuing into 2026 happened while ETH price was declining from its cycle highs. Corporate treasury companies were building their positions as price fell, not as it rose. That behaviour mirrors the Bitcoin treasury strategy that Strategy and others have employed, where accumulation continues through drawdowns based on a long-term thesis rather than short-term price optimisation.

At current ETH prices near $1,982, the 7 million ETH held by corporate treasury companies is worth approximately $13.9 billion. Those companies accumulated a significant portion of that position at prices above $3,000, meaning the cohort is currently sitting on substantial unrealised losses. They are holding anyway, consistent with the long-term treasury thesis rather than trading behaviour.

The chart went from zero to all-time high in twelve months. The category that produced it did not exist at the start of that period. Both facts describe the same structural shift in how institutional capital is approaching Ethereum.

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