Key Takeaways
- Ethereum’s resurgence in 2025 is driven by successful scalability upgrades, increased institutional demand, and the rapid growth of real-world asset tokenization and Layer 2 networks.
- The largest ETH holders range from exchanges like Coinbase and Binance to smart contracts such as the Beacon Deposit Contract, which alone holds nearly half of all ETH due to staking.
- Institutions are acquiring ETH not just as a speculative asset but as a yield-bearing investment and a way to gain exposure to Web3 innovation and RWA tokenization.
- Vitalik Buterin and the Ethereum Foundation, though not in the top 10, remain influential holders whose activity signals long-term commitment and strategic influence over Ethereum’s development.
It’s been a tumultuous few years for Ethereum, with macroeconomic headwinds, the Ukraine War, the collapse of the NFT market and the FTX crash all exerting downward pressure on the price of ETH. But the network that claims to be a World Computer is making a strong comeback in 2025, with long-awaited scalability upgrades significantly lowering gas fees and an explosion in institutional interest.
In June 2025 SharpLink Gaming made headlines by committing to ETH as a treasury asset, with a host of other big companies now doing the same. Beyond that, the rise of real-world asset (RWA) tokenization and the proliferation of Ethereum-based Layer 2s have also helped Ethereum’s traction. As decentralized finance (DeFi) matures and regulatory clarity improves, ETH is once again proving its resilience as the foundational layer of Web3.
In this article, we’ll explore the biggest Ethereum holders, how they rank, what they do, and why companies are buying ETH in 2025.
10 Biggest Ethereum Holders
Some of the biggest ETH whales are centralized crypto exchanges and that’s no surprise. But not all of them fall into that category. The table below outlines the ten largest known Ethereum holders in 2025, including the nature of each entity and the amount of ETH they control:
| # | Name | Type of Entity | ETH Held | Purpose/Role |
|---|---|---|---|---|
| 10 | Grayscale Ethereum Trust | Investment Vehicle | ~1,2 Million ETH | Holds ETH to back shares of investors |
| 9 | Upbit | Centralized Exchange | ~1,36 Million ETH | Centralized exchange reserve used for liquidity and custody |
| 8 | Robinhood | Trading Platform | ~1,37 Million ETH | Manages ETH holdings for U.S. retail crypto traders |
| 7 | Base Bridge | Layer 2 Bridge | ~1,71 Million ETH | Custody for ETH bridged the Base Layer 2 network |
| 6 | Coinbase Prime | Institutional Custody Service | ~1,81 Million ETH | Provides custody for large institutional clients |
| 5 | Wrapped Ether (WETH) Contract | DeFi Protocol Smart Contract | ~2,6 Million ETH | Backs WETH tokens used in trading and DeFi |
| 4 | Bitfinex | Centralized Exchange | ~3,2 Million ETH | Centralized exchange reserve used for liquidity and custody |
| 3 | Binance | Centralized Exchange | ~4,2 Million ETH | Centralized exchange reserve used for liquidity and custody |
| 2 | Coinbase | Centralized Exchange | ~4,9 Million ETH | Centralized exchange reserve used for liquidity and custody |
| 1 | Beacon Deposit Contract | Staking Contract | ~64 Million ETH | Holds ETH staked by validators in Ethereum’s Proof-of-Stake |
10. Grayscale Ethereum Trust (ETHE) – ~1,20 Million ETH
Grayscale’s Ethereum Trust is an institutional investment vehicle that allows accredited investors to gain exposure to Ethereum without directly holding the asset. In other words, the trust stores ETH on behalf of clients who prefer traditional investment channels. Initially launched in 2017, ETHE shares entered public trading on OTC markets in 2019. It wasn’t until 202, when ETHE got officially listed on the NYSE Arca as a spot Ether ETP. As Ethereum’s popularity grows in regulated markets, the trust’s holdings have steadily expanded.
9. Upbit – ~1,36 Million ETH
Upbit, a major South Korean crypto exchange, manages substantial reserves of ETH to facilitate user trades and maintain liquidity. The growing retail and institutional interest in Ethereum in Asian markets has contributed to the accumulation of a large ETH balance on its platform.
8. Robinhood – ~1,37 Million ETH
Robinhood has positioned itself as a user-friendly entry point for crypto trading in the U.S., attracting a large user base. The platform holds ETH in custodial crypto wallets to back customer balances. As a result of its high volume and demand for Ethereum trading, its reserves are among the top.
7. Base Bridge – ~1,71 Million ETH
Base, the Ethereum Layer 2 network developed by Coinbase, uses this crypto bridge wallet to manage funds moving between Ethereum mainnet and the Base rollup. The ETH stored here acts as the underlying asset for bridging, smart contract interaction, and gas fees on the Layer 2 network.
6. Coinbase Prime – ~1,81 Million ETH
Coinbase Prime offers custody and trading solutions tailored to institutional clients. This wallet represents segregated ETH holdings for hedge funds, asset managers, and large corporations using Coinbase’s secure storage and execution services. These holdings reflect the growing interest in ETH from the traditional financial sector.
5. Wrapped Ether (WETH) – ~2,6 Million ETH
WETH is a tokenized version of ETH used across DeFi protocols. It allows ETH to conform to the ERC-20 standard, thus enabling smooth interaction with smart contracts on DEXs and lending platforms. At the same time, the contract holds this ETH to back WETH in circulation, making it a central component of Ethereum’s DeFi infrastructure.
4. Bitfinex – ~3,2 Million ETH
Bitfinex, one of the oldest crypto exchanges, holds a substantial amount of ETH for trading, custody, and liquidity provision. Both its long-standing presence and large user base contribute to the high volume of ETH stored on the platform.
3. Binance – ~4,2 Million ETH
Binance, the largest cryptocurrency exchange by trading volume, holds ETH across multiple wallets to support user activity in spot trading, staking, and a range of Ethereum-based DeFi services available on its platform. The wallet’s size reflects both Binance’s global scale and Ethereum’s dominance in the altcoin ecosystem.
2. Coinbase – ~4,9 Million ETH
This is Coinbase’s primary hot/cold wallet for ETH, servicing retail, institutional, and staking clients. As the most widely used U.S.-based crypto exchange, Coinbase manages a broad pool of ETH across different user types. In addition, its deep involvement in staking, L2 infrastructure, and ETH ETFs helps explain this large holding.
1. Beacon Deposit Contract – ~64 Million ETH
The undisputed ETH holder is no other than the Beacon deposit contract. But what exactly is that?
The Beacon Chain contract represents staked ETH securing Ethereum’s Proof-of-Stake consensus. In other words, anyone staking ETH sends it to this smart contract. Consequently, nearly 50% of the total ETH supply is deposited here by validators who have committed 32 ETH (or multiples thereof) to help validate the network and earn rewards.
This massive total reflects Ethereum’s transition to staking and the long-term trust placed in the protocol.
Honorable Mention: Vitalik Buterin – ~240,000 ETH
Even in 2025, Ethereum’s co-founder Vitalik Buterin still holds a sizable personal stash of ETH, though it doesn’t place him in the top 10. He has historically used portions of his holdings to fund research, support charitable causes, and experiment with governance models. His wallet is publicly known and often monitored by the community for signals about Ethereum’s direction.
Honorable Mention: Ethereum Foundation – ~310,000 ETH
Another important Ethereum wallet that’s not in the top 10 is the one held by the Ethereum Foundation. It plays a vital strategic role in the ecosystem. With a reserve of 310,000 ETH, it supports protocol upgrades, public goods, and open-source research. The Foundation’s ETH holdings fund grants, developer tooling, educational efforts, and long-term innovation on Ethereum. Its responsible and transparent use of ETH influences the future of the network more than raw numbers alone. Similarly to Vitalik’s, investors following ETH’s price action closely monitor this wallet.
Why Are Companies Buying Ethereum?
Institutional and corporate entities are buying Ethereum for several key reasons:
- Yield Bearing: First, ETH has matured beyond being just a cryptocurrency; it’s now a yield-bearing asset through staking. Companies see it as a productive reserve asset, not unlike bonds.
- Web3 Innovation: In addition, Ethereum is at the center of Web3 innovation. From DeFi protocols and NFTs to gaming and identity, most of the action is happening on Ethereum or its scaling layers.
- RWA Tokenization: Moreover, the tokenization of real-world assets is accelerating and turning into a massive narrative. Governments and private companies are issuing digital bonds, stablecoins, and commodities on Ethereum. Owning ETH gives direct exposure to this growing sector.
- Developer Community: Ethereum’s active developer community and credible roadmap make it a long-term bet on open finance. Firms don’t just want exposure, they want participation. Holding ETH enables voting, governance rights, and access to early-stage opportunities.
- Collaborations and Growth: During the Ethereum Community Conference on 2 July 2025, leading Ethereum developer Zak Cole revealed a surprise. Cole announced the creation of The Ethereum Community Foundation, an independent entity that’ll work towards future collaborations and further ecosystem growth. The foundation aims to boost ETH’s price to $10,000.
With ETFs and regulated custodians removing entry barriers, buying Ethereum has never been easier for institutions.
Closing Thoughts
Ethereum’s rebound in 2025 is not just a price story. It’s a reflection of deepening use cases, maturing infrastructure, and increasing demand from both retail and institutional players. The top ten ETH holders reflect a broad spectrum, from foundations and exchanges to individual companies. While their strategies vary, their shared conviction in Ethereum’s future is clear.
