TLDR
- Public companies purchased 95% of their total Ethereum holdings during the third quarter of 2025, adding roughly 4 million ETH tokens worth $19.13 billion
- Ethereum is currently trading at $3,953 after falling below the $4,000 level during a recent market sell-off that triggered $115 million in ETH liquidations
- BitMine Immersion Technologies holds the largest corporate position with 3.03 million ETH, followed by Sharplink Gaming with 840,120 ETH
- Analysts including Arthur Hayes and Tom Lee predict Ethereum could reach $10,000 to $12,000 by the end of 2025
- A bull flag pattern on the weekly chart suggests a potential measured move toward $10,000, though traders are watching key support near $3,800
Public companies accumulated the vast majority of their Ethereum holdings during a concentrated three-month period between July and September 2025. According to Bitwise Invest, 95% of all ETH held by public companies was purchased in the past quarter alone.
95% of all ETH held by public companies was purchased in the past quarter alone.
Watch this space.
Corporate ETH Adoption, Q3 2025 Edition pic.twitter.com/9hDARuo9vQ
— Bitwise (@BitwiseInvest) October 15, 2025
The buying spree resulted in public treasuries holding $19.13 billion worth of Ethereum. This represents approximately 4% of Ether’s total supply. Of the 4.63 million ETH held on public company balance sheets as of September 30, roughly 4 million tokens were added during the third quarter.
BitMine Immersion Technologies holds the largest corporate position with approximately 3.03 million ETH. Sharplink Gaming follows with 840,120 ETH. The Ether Machine rounds out the top three with 496,710 ETH, according to StrategicETHReserve data.
Ethereum is currently trading at $3,953 after falling below the $4,000 level. The token was trading above $4,300 before a recent crypto market sell-off triggered over $19 billion in liquidations across the market.
ETH accounted for roughly $115 million of the $650 million in total liquidations over the past 24 hours, according to CoinGlass. The largest single liquidation involved an ETH pair on OKX valued at about $5.5 million.
Analysts Project Year-End Targets
BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee have both projected ETH to reach $10,000 by year-end. Lee has suggested a possible climb to $12,000.
Sharplink Gaming co-CEO Joseph Chalom said on Wednesday that he is bullish about Ethereum. He called it the best choice for institutions. Chalom explained that Ethereum is decentralized, secure and continuously growing its network.
Open interest in ETH futures rose about 8% in a day. This increase pointed to fresh leverage despite fading spot inflows. CryptoQuant analyst Maartunn noted that most leverage-driven rebounds have failed to hold.
Traders reported bids around the $3,800 area. Market depth suggested long-term participants added exposure into weakness. Analysts said that zone aligned with prior demand and a round-number anchor.
Technical Setup Points to Upside
The weekly chart shows a bull flag structure. A bull flag is a pause after an advance that can continue the prior trend if Ethereum price breaks higher.
If confirmed, the pattern implies a measured move near $10,000. That target follows the flag-pole math rather than a discretionary call.
$ETH hit the ideal zone for buys and I think it's ready for a trend switch.
What does it need?
A higher low and then we're off towards new highs. pic.twitter.com/B0Ef0VCBVJ
— Michaël van de Poppe (@CryptoMichNL) October 14, 2025
Michaël van de Poppe, founder of MN Trading Capital, said the ETH versus BTC ratio has barely started. He highlighted the ETH/BTC ratio near 0.032 as a potential buy zone for rotation.
Merlijn The Trader pointed out that 40% of the entire supply is gone from circulation. This includes ETH locked in staking contracts and other long-term holdings.
MASSIVE:$ETH SUPPLY IS EVAPORATING.
$24B HELD BY TREASURIES.
$28B LOCKED IN SPOT ETFS.
$146B STAKED MOST ILLIQUID.40% OF THE ENTIRE SUPPLY IS GONE FROM CIRCULATION.
THIS IS THE SETUP FOR AN ETHEREUM SUPERCYCLE. pic.twitter.com/gbumlVBrQV
— Merlijn The Trader (@MerlijnTrader) October 15, 2025
Analysts point to catalysts beyond corporate treasuries. These include steady inflows into US spot Ether ETFs and the large share of ETH that remains locked in staking contracts.
Van de Poppe explained there is much more upside to come. He compared the current setup to 2019 when similar patterns preceded major rallies.
Network fundamentals remain constructive. Staking participation, active development and the expanding layer-2 stack underpin long-term interest.
