Nearly all of the Ethereum accumulated by public companies to date occurred within a three-month window between July and September, according to recent data.
This comes as several crypto executives predict that Ether’s (ETH) price will rise by as much as 200% before the end of the year.
“95% of all ETH held by public companies was purchased in the past quarter alone,” Bitwise Invest said on Wednesday, referring to the $19.13 billion held in public treasuries, equivalent to roughly 4% of Ether’s total supply.
Ether public treasuries added over 4 million ETH tokens in Q3 alone. Source: Bitwise
Of the 4.63 million ETH held on public company balance sheets as of Sept. 30, roughly 4 million were added during the third quarter, according to Bitwise.
Will Q4 deliver the gains for Ether?
The concentration of ETH buying activity in Q3 raises questions about what lies ahead for Ether during the fourth quarter of 2025, which is historically Ether’s second-worst performing quarter on average, according to CoinGlass.
Ether (ETH) was trading above $4,300 before Friday’s crypto marketwide sell-off, which triggered over $19 billion in liquidations across the market. It has since fallen below the key $4,000 level, changing hands at $3,980, according to CoinMarketCap.
Ether is down 11.65% over the past 30 days. Source: CoinMarketCap
However, the new treasury narrative has some analysts predicting a stronger-than-usual finish.
At the time of publication, BitMine Immersion Technologies holds the largest share with approximately 3.03 million ETH, followed by Sharplink Gaming with 840,120 ETH, and The Ether Machine with 496,710 ETH, according to StrategicETHReserve.
Both BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee have projected ETH to reach $10,000 by year-end, with Lee suggesting a possible climb to $12,000.
Ether is the “best choice for institutions,” says Sharplink co-CEO
Sharplink Gaming co-CEO Joseph Chalom said on Wednesday that he is “bullish” about Ethereum as it is “the best choice for institutions.”
“It’s decentralized, secure and continuously growing its network,” Chalom said.
Chalom told Cointelegraph Magazine that one of Sharplink Gaming’s top priorities is “to raise capital and accumulate as much ETH as possible.”
Analysts also point to catalysts beyond corporate treasuries, including steady inflows into US spot Ether ETFs and the large share of ETH that remains locked in staking contracts.
“40% OF THE ENTIRE SUPPLY IS GONE FROM CIRCULATION. THIS IS THE SETUP FOR AN ETHEREUM SUPERCYCLE,” Merlijn The Trader said in an X post on Wednesday.
On Wednesday, Michael van de Poppe, founder of MN Trading Capital, said that the “$ETH vs. $BTC has barely started.”
“The first uptick has happened, just like 2019,” van de Poppe said, explaining that there’s so much more upside to come, we don’t have to comprehend and understand that it’s possible.”
“But yes, it will come,” van de Poppe added.
