Companies are stocking up on Ethereum en masse: 95% of all purchases in 1 quarter

The interest of large companies in Ethereum (ETH) continues to increase. In the past quarter, public companies added millions of the cryptocurrency to their balance sheets. What could it mean for the price?

Companies Strike: Record Amount of ETH Bought

According to data from asset manager Bitwise, as many as 95 percent of all Ethereum purchases by listed companies took place in the third quarter of 2025.

Together, these companies purchased approximately 4 million Ethereum, which amounts to more than 19.13 billion dollars. This means that approximately four percent of the total ETH supply was removed from the market in a single quarter.

BitMine Immersion Technologies is the largest buyer and currently owns 3.03 million ETH according to the most recent data. Other big buys came from Sharplink Gaming (840,120 ETH) and The Ether Machine (496,710 ETH).

Purchases will continue in Q4 as well. For example, LookOnChain discovered that BitMine added another 104,336 Ethereum to its reserves today. The purchase represents a value of approximately $417 million. The coins are divided over three new wallets and come from the trading platforms Kraken and BitGo.

In total, 70 public companies now collectively own 5.9 million ETH, accounting for 4.88 percent of the circulating supply. This is evident from data from Strategic ETH Reserve.

Will there be a new super cycle?

The massive purchasing of Ethereum by companies is just one of three major forces currently creating a historic shortage of ETH. According to analyst Crypto Gucci, we are in the middle of a so-called “triple supply vacuum”, a situation in which multiple factors simultaneously limit the available supply of a coin.

The three main forces:

1. Staking: More than 35.7 million ETH is currently tied up in staking contracts. That is about 30 percent of the total. These coins are temporarily untradeable and may take weeks to become liquid.
2. ETF purchases: Since the approval of Ethereum spot exchange-traded funds (ETFs) in the United States, 6.84 million ETH has already been withdrawn from the market. This represents 5.6 percent of the total stock.
3. Reserve companies: The aforementioned 70 public companies together own 5.9 million ETH. That is another 4.9 percent of the total.

Together, these three categories account for more than 40 percent of all ETH. Gucci calls this unique: “This cycle has all three supply vacuums at the same time. That has never happened before.”

According to the basic economic rule of supply and demand, the price rises when something becomes scarcer, if of course the demand for the currency does not weaken.

Despite the enormous institutional buying pressure, analyst Ali Martinez warns of a possible short-term decline. He sees a bearish signal on the Ethereum chart: a negative MACD cross on the weekly chart.

This is a technical pattern in which two lines that follow the price average over different periods cross each other. Such a crossing may indicate a trend reversal. The previous two times this signal appeared, the Ethereum price fell by 43 and 61 percent respectively, the analyst said.