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.