Institutions and ETFs Now Hold 12.5M ETH, Over 10% of Ethereum Supply

Institutional demand for Ethereum is hitting new highs, with treasury firms and exchange-traded funds now holding over 12.48 million ETH, roughly 10.31% of the network’s total supply.

Key Takeaways:

• Institutions and ETFs now hold over 12.48 million ETH, marking a major shift toward Ethereum as a treasury asset.
• Spot Ether ETFs saw $621 million in inflows in October, more than doubling the previous month.
• SharpLink has amassed 839,000 ETH and plans to stake on Ethereum’s Linea network for added yield.

According to data from StrategicETHReserve, corporate treasuries hold about 5.66 million ETH (4.68% of supply), while spot Ethereum ETFs have amassed another 6.81 million ETH (5.63%).

The figures underscore a growing shift among institutions toward Ethereum as a productive asset, mirroring the corporate Bitcoin accumulation trend seen in recent years.

October saw US-listed spot Ether ETFs record net inflows of $621.4 million, more than doubling September’s $285.7 million, per SoSoValue.

In August, inflows peaked at $3.9 billion, suggesting a sustained appetite for Ethereum exposure.

One standout example is SharpLink Gaming, which revealed this week it now holds 839,000 ETH with no debt on its balance sheet.

The company, listed on Nasdaq under the ticker SBET, launched its ETH treasury strategy in June and has seen its unrealized profits soar past $900 million since then.

SharpLink said it has doubled its ETH concentration over the past four months.

“This is the power of a productive and yield-bearing asset like ETH,” the company wrote in a post on X.

SharpLink’s unrealized profit now surpasses $900M since launching the ETH treasury strategy on June 2, 2025.

During that time, ETH concentration doubled, making every share more valuable.

With 839k ETH on our balance sheet and no debt, SharpLink’s in a strong position to keep… pic.twitter.com/4HlQWRZjvw

Beyond holding ETH, SharpLink is also preparing to tokenize its common stock (SBET) on Ethereum and has plans to stake part of its holdings on Linea, Ethereum’s Layer 2 network developed by Consensys.

Joseph Lubin, chairman of SharpLink and founder of Consensys, said Linea could offer attractive risk-adjusted yields for institutions.

“SharpLink is going to continue to accumulate [ether],” Lubin said, adding that staking on Linea could make it “the best place to deploy your ether at Layer 2.”

Crypto hedge fund XWIN Finance argues that Ethereum could realistically reach $10,000 this cycle, driven by macro liquidity trends.

As global M2 money supply hits record highs and ETH exchange reserves decline sharply, analysts say Ethereum is entering a “revaluation phase” similar to Bitcoin’s rally pattern during past liquidity surges.

While Bitcoin has already surged over 130% since 2022 in response to M2 expansion, Ethereum has lagged with only a 15% gain.

However, ETH exchange reserves have dropped by over 25% since 2022, and negative netflows signal that coins are being locked in staking or cold wallets, reducing sell pressure. Institutional demand is also picking up, with the Coinbase Premium Index turning positive.

Historically, ETH outperforms once Bitcoin dominance falls below 60%, often triggering capital rotation into altcoins.

With early indicators resembling the 2020–2021 cycle, XWIN believes that 2025 could be Ethereum’s breakout year, with $10K driven by structural liquidity.

Arthur Hayes, co-founder of BitMEX, also believes that $10,000 Ethereum by the end of 2025 seems well within reach.

In a July blog post, Hayes laid out his thesis, tying the potential price surge to US President Donald Trump’s economic policies and what he describes as a shift to a wartime economy.

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