# Ethereum Treasury Companies: Corporate ETH Holdings

> Ethereum treasury companies ranked by ETH held: corporate ETH holdings from filings, staked ETH, share of ether supply and on-chain balances where disclosed.

Markdown copy of https://voltfincrypto.com/apps/ethereum-treasury-companies

**Question:** Which public companies hold the most ETH, and what share of the supply do they hold?

- Kind: Table in Voltfin Strata
- Topic: [Markets and trading](https://voltfincrypto.com/topics/trading)
- Chains: Ethereum
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Some listed companies hold ether as a treasury asset, and a few have made it the core of their business, raising money to buy ETH and stake it. This table lists each public company that has disclosed ETH holdings, with the amount, the date of its latest disclosure and the share of ether supply it represents.

Holdings come from what companies file and announce, because most do not publish their wallets. Where a company has disclosed addresses, its ETH and liquid staking token balances are read from Ethereum at the latest block and shown beside the filed figure, and staked ETH is matched to validators through their withdrawal credentials.

Sort by ETH held or by staked share, filter by listing venue or by whether addresses are disclosed and open any figure to see the filing or the on-chain read behind it.

## Blueprint

One row: One row per company, at its latest disclosure

- **Company** (`company`): The listed company that discloses the holdings.
- **Ticker** (`ticker`): The company's stock ticker.
- **Listed on** (`listing`): The stock exchange where the company's shares trade.
- **ETH held** (`eth_held`, ETH): The ETH in the company's latest filing or announcement, including staked ETH and ETH held as liquid staking tokens.
- **Staked ETH** (`staked_eth`, ETH): The part of its ETH the company reports as staked, directly or through liquid staking tokens.
- **Share of supply** (`share_of_supply`): ETH held as a share of ether supply at the as-of date.
- **Change since prior filing** (`change_since_prior`, ETH): The difference between the latest disclosed amount and the one before it.
- **As of** (`as_of`): The date the latest disclosed figure refers to.
- **On-chain balance** (`onchain_balance`, ETH): ETH, stETH and wstETH in disclosed addresses at the latest block, where addresses are disclosed.
- **Addresses** (`addresses_disclosed`): Whether the company has disclosed wallet or validator addresses, and how many are tracked.
- **Source** (`source`): The filing or announcement behind the row's holdings.

## How it will be measured

- ETH held is the latest amount each company discloses in a filing or press release, recorded with its as-of date and source link; nothing is estimated between disclosures.
- Where addresses are disclosed, ETH, stETH and wstETH balances are read at the latest block, with wstETH converted to ETH at its on-chain exchange rate.
- Staked ETH is the amount the company reports as staked, cross-checked against deposit contract DepositEvent logs whose withdrawal credentials match its disclosed addresses.
- Share of supply divides ETH held by ether supply at the as-of date, rebuilt from validator issuance minus burned base fees.

## Data it needs

- `treasury_holdings` (to build): Crypto held by public companies, treasury companies and governments, from filings, with on-chain addresses where disclosed.
- `eth_staking_daily` (to build): Active validators, ETH staked, deposits, withdrawals and the entry and exit queues on the Ethereum beacon chain, by day, with staking-provider labels where known.
- `lst_rates_daily` (to build): Exchange rates of liquid staking and restaking tokens (wstETH, rETH, cbETH, weETH and others) at day end, and the realized yield they imply.
- `eth_supply_daily` (to build): Daily ETH issued to validators, ETH burned through the EIP-1559 base fee, and the resulting net change in ETH supply.
- Source: Company-disclosed ETH holdings with as-of dates from press releases and SEC filings (off-chain)
- Source: DepositEvent logs whose withdrawal_credentials match company-disclosed addresses, for the staked portion
- Source: ETH, stETH and wstETH balances of company-disclosed addresses at daily blocks
- Source: ETH total supply from the burn-and-issuance model for share of supply

## Questions

### What is an Ethereum treasury company?

A company that holds ether on its balance sheet as a treasury asset. Some hold a small amount beside an operating business; others raise capital mainly to buy ETH, stake it and report their holdings per share.

### Which public company holds the most ETH?

The table ranks companies by the ETH they last disclosed, so its first row answers that question as of each company's latest filing. Rankings change as companies buy, sell or report, so each row shows its as-of date.

### Do Ethereum treasury companies stake their ETH?

Several report staking part or all of their holdings, directly with validators or through liquid staking tokens such as stETH. The table shows the staked amount each company reports and, where addresses are known, the validators it matches.

### How are corporate ETH holdings verified?

Most companies report holdings in filings without publishing wallets, so the figure rests on the filing. Where addresses are disclosed, balances are read on-chain at the latest block and compared with the filed figure.

### How do ETH treasury companies differ from ether ETFs?

An ETF holds ETH for its shareholders and tracks its price, with set rules for creating and redeeming shares. A treasury company is an operating company that decides how much ETH to buy, stake or sell, and its shares can trade far from the value of its ETH.

## Glossary

- **mNAV**: A treasury company's market value divided by the value of the crypto it holds. Above one, its shares trade at a premium to its holdings.
- **Withdrawal credentials**: The address a validator's staked ETH returns to when it exits; it ties validators to the entity that controls them.
- **Liquid staking token**: A token such as stETH that represents staked ETH and its rewards while staying transferable.

## Related apps

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- [Ethereum ETF Holdings by Issuer, Fees and Staking](https://voltfincrypto.com/apps/ethereum-etf-holdings)
- [Total ETH Staked and Ethereum Staking Ratio](https://voltfincrypto.com/apps/total-eth-staked)
- [ETH Rich List: Top Ethereum Addresses by Balance](https://voltfincrypto.com/apps/eth-rich-list)
- [ETH Supply Tracker: Burn vs Issuance](https://voltfincrypto.com/apps/eth-supply-burn-vs-issuance)
- [Crypto Liquidations Today: Longs vs Shorts](https://voltfincrypto.com/apps/crypto-liquidations-today)

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