Ethereum treasury companies and ETFs hold more than 10% of total supply

10%

Ethereum treasury companies and ETFs hold more than 10% of the cryptocurrency’s total supply of 120.7 million tokens.

Corporate firms own roughly 5.7 million, while ethereum reserves for ETFs stand at 6.8 million tokens, worth more than $59 billion, per data from analytics platform StrategicETHReserve.xyz.

BitMine Immersion Technologies and SharpLink Gaming have taken the top spots among treasury entities, amassing about 3.7 million ethereum tokens worth roughly $17.4 billion. SharpLink Gaming recently announced that its unrealized profits have reached $900 million since the rollout of its ethereum treasury strategy in June.

Meanwhile, BlackRock’s iShares Ethereum Trust ETF has secured the lead among spot ethereum ETFs with $18.6 billion in net assets. So far in October, $803.1 million of inflows have collectively entered the investment vehicles.

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Bitcoin, ethereum get bullish 12-month price targets from Citi

Citi updated its price targets for the two largest cryptocurrencies in a note Wednesday, predicting a 12-month target of $181,000 for bitcoin and $5,440 for ethereum.

While overall, Citi analyst Alex Saunders wrote that the firm is “more positive on Bitcoin compared to Ether, as it captures an outsized portion of incremental flows into crypto markets,” he trimmed bitcoin’s year-end price target to $133,000 from $135,000, citing a stronger dollar and weaker gold price as offsetting factors.

Ethereum, on the other hand, got a price target bump up to $4,500 from $4,300 by year-end due to flows surging following “stablecoin regulation increasing interest in the network and tokenization and the rise of DATs.”

Many of the splashiest entries into the digital asset treasury (DAT) space have been ethereum-based treasuries lately, with companies like BitMine Immersion Technologies and SharpLink Gaming launching DATs and stockpiling huge amounts of ethereum in just the second half of this year.

Bitmine now holds 2,650,900 ETH worth $11.7 billion, while SharpLink has 838,728 ETH worth $3.7 billion. To put that in context, Strategy, the largest corporate bitcoin holder, has 640,031 BTC worth $47.3 billion.

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