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The Beacon Deposit Contract holds over 56% of all Ethereum, making staking the largest force in ETH ownership.
Coinbase and Binance rank among the top custodians, together managing billions in ETH for global users.
Institutional players like BlackRock and BitMine are reshaping the ETH Rich List with massive treasury strategies.
Ethereum has become one of the most important assets in the crypto market. In 2025, the distribution of Ether (ETH) shows how much power lies in the hands of the few large holders. The rich list gives a clear picture of who owns the most ETH today, whether it is individuals, institutions, or smart contracts.
In September 2025, Ethereum’s circulating supply is around 120.71 million ETH. Out of this, the top 10 addresses control around 61%, amounting to nearly 71.8 million ETH. This shows that Ethereum ownership is heavily concentrated in a few large wallets, unlike Bitcoin, where distribution is relatively wider.
One of the richest Ethereum holders is the Beacon Deposit Contract, which plays a central role in Ethereum’s Proof-of-Stake system. This smart contract holds nearly 56% of the total supply, which equals 68,242,586 ETH, according to blockchain data.
These ETH tokens are locked in staking, securing the Ethereum network. Even though staking withdrawals were enabled after the Shapella upgrade, not all ETH can be withdrawn at once. There is an unbonding process, and withdrawals happen in a queue controlled by the protocol. This prevents a sudden mass exit and protects network stability.
Also Read: How Ethereum’s Exit Affects Market Volatility and Stablecoin Payrolls?
Besides the Beacon contract, the Wrapped Ether (WETH) contract holds over 2.2 million ETH and uses it in decentralized finance (DeFi) applications. This represents almost 1.9% of the circulating supply.
Other massive holders include Layer-2 bridge contracts like Arbitrum and Base. These bridges are essential for transferring ETH between Ethereum and its scaling networks, and they account for millions of ETH locked in their systems.
Centralized exchanges remain very powerful players in the Ethereum ecosystem. They hold ETH on behalf of millions of traders and investors. The exchanges below are supposedly the largest custodians in 2025:
Coinbase holds about 4.93 million Ether, equal to around 4.1% of supply, valued at nearly $18 billion.
Binance holds about 4.23 million ETH, around 3.5% of supply, worth close to $12 billion.
Bitfinex holds around 3.28 million ETH, about 2.7% of the supply.
Kraken holds about 433,000 ETH, which is 0.36% of the total supply.
Robinhood controls about 1.66 million Ether, equal to 1.37% of the supply.
Upbit has 1.36 million ETH, about 1.1% of the supply.
Grayscale’s ETH ETF has control over 1.2 million ETH, around 1% of the supply.
These figures show that centralized platforms, even though they are custodians rather than personal holders, still control large amounts of Ether.
Ethereum is no longer just a retail investment. Institutions are now building large ETH treasuries, similar to how companies like MicroStrategy accumulated Bitcoin in past years.
BlackRock’s ETHA Trust has become one of the largest institutional holders, accumulating than 3.2 million ETH.
BitMine Immersion Technologies is recognized as the biggest ETH holder that is publicly traded. It owns more than 833,000 ETH, worth about $2.9 billion. The company started this aggressive strategy in mid-2025 with backing from well-known investors like Bill Miller III, ARK Invest, and Founders Fund.
BitMine’s chairman, Tom Lee, has openly stated his target of controlling 5% of all ETH supply in the future through a combination of purchases and staking.
The Ether Machine, preparing for a public listing via SPAC, is expected to manage 400,000 ETH, worth about $1.5 billion, with a focus on institutional staking and yield strategies.
Other companies like SharpLink Gaming, Bit Digital, and GameSquare each hold more than $100 million worth of ETH in their balance sheets.
The entry of these firms shows Ethereum’s growing role as a financial asset for long-term holding, beyond just trading.
Also Read: Future of Ethereum: Strong Investment or Bubble Waiting to Burst?
Although institutions and contracts dominate, individual investors still play a key role in Ethereum’s history.
Rain Lõhmus, an early investor in Ethereum, bought 250,000 ETH in the pre-sale. However, he lost access to the wallet, making this one of the largest permanently inaccessible holdings, now worth billions.
Vitalik Buterin, the co-founder of Ethereum, is believed to hold around 240,000 ETH, making him the largest known accessible individual holder.
Joseph Lubin, founder of ConsenSys and Ethereum’s co-founder, is rumored to have accumulated up to 500,000 ETH, although this information is not confirmed.
Cameron and Tyler Winklevoss, founders of Gemini exchange, have an estimated ETH holding of 150,000 ETH and 200,000 ETH in their personal accounts, apart from Gemini’s exchange holdings.
Anthony Di Iorio, also an Ethereum co-founder, presumably owns between 50,000 ETH and 100,000 ETH.
These large early investments highlight how much wealth was created for the initial founders and backers of the Ethereum project.
The richest Ethereum addresses list of 2025 tells an important story about the network:
With more than 50% of the supply captured by the Beacon Deposit Contract, Ethereum has evolved into a staking-driven network. This provides security and helps maintain the Proof-of-Stake system.
From BlackRock to BitMine, major institutions now treat ETH as a treasury reserve asset, much like Bitcoin before it. This signals maturity and confidence in Ethereum’s role in global finance.
The concentration of ETH in staking contracts, exchanges, and institutions raises questions about decentralization. While these holdings are spread across many users, the actual control lies in a few entities.
Rain Lõhmus’s loss of 250,000 ETH is a reminder that private key management has long-term consequences. Lost ETH reduces the circulating supply and effectively strengthens the value of remaining tokens.
The Ethereum rich list in 2025 shows how the network has transformed. What started as a community-driven project is now dominated by staking contracts, exchanges, and powerful institutions. At the same time, Ethereum’s co-founders and early adopters remain among the wealthiest individual holders.
This concentration of Ether ownership reflects both the maturity and the challenges of Ethereum today. Staking has secured the network, institutions have given it legitimacy, but decentralization risks remain. The future of Ethereum will depend on how well it balances these forces while continuing to grow as the backbone of decentralized finance and tokenized assets.
