According to the source, the largest publicly traded holders of Ethereum (ETH) are investment vehicles led by Grayscale Ethereum Trust (ETHE), which discloses multi-million ETH holdings via its daily reporting. Source: Grayscale Investments ETHE daily holdings. Canadian spot Ether ETFs including Purpose Ether ETF (ETHH), CI Galaxy Ethereum ETF (ETHX), and Evolve Ether ETF (ETHR) publish daily baskets and NAV showing substantial ETH under custody. Source: Purpose Investments fund documents; CI Global Asset Management ETF updates; Evolve ETFs holdings disclosures. Among operating companies, Ether Capital Corp. (NEO: ETHC) reports significant ETH treasury and staked balances in quarterly MD&A and NAV updates. Source: Ether Capital Corp. MD&A and investor presentations. Historic corporate adoption includes Meitu Ltd., which filed HKEX announcements in March 2021 for ETH purchases, establishing a precedent for listed-company ETH exposure. Source: Meitu Inc. HKEX announcements dated March 7 and March 17, 2021. For traders, creations/redemptions in ETHE and spot Ether ETFs transmit flows to underlying spot markets and affect liquidity, making fund flow and premium/discount data key signals. Source: CFA Institute research on ETF liquidity transmission; Kaiko Research analyses of ETF flow effects on crypto market microstructure (2024). Actionables: track ETHE premium/discount, Canadian ETH ETF creations/redemptions, and Ether Capital NAV changes as leading indicators for ETH liquidity and basis. Source: Grayscale ETHE market data; Purpose/CI/Evolve ETF daily creations; Ether Capital NAV reports.

According to the source, a new roundup highlights seven publicly traded firms with sizable Ethereum treasuries; before trading on this, verify each company’s current ETH balance and cost basis in the latest audited or interim filings and exchange announcements. source: U.S. SEC EDGAR; SEDAR+; HKEXnews From 2025, FASB ASU 2023-08 requires fair-value accounting for crypto assets, meaning ETH price swings will flow through earnings and equity for adopters, increasing quarter-to-quarter volatility in reported results. source: FASB ASU 2023-08 Historical disclosures show real precedents: Meitu reported purchasing roughly 31,000 ETH in 2021, and Ether Capital has positioned ETH as a core treasury asset, illustrating both non-crypto tech and crypto-native issuers can be material holders. source: Meitu company announcements on HKEXnews (March–April 2021); Ether Capital investor relations Monitor catalysts that can trigger flows from these treasuries—earnings dates, MD&A risk updates, and any board-approved treasury policies—via primary filings and investor-relations pages. source: SEC Regulation S-K; U.S. SEC EDGAR; company investor relations Corroborate on-chain by tracking labeled wallets and large transfers around reporting windows to detect potential distribution or accumulation that could impact ETH liquidity and price elasticity. source: Etherscan Ethereum blockchain explorer For U.S. exposure context, the SEC approved spot ETH exchange-traded products in 2024, lowering operational barriers for public issuers seeking ETH exposure via regulated vehicles rather than self-custody. source: U.S. SEC spot ETH ETP approval orders (2024)