EthereumMarkets
|3 min ReadCorporate ETH buys surge in Q3, supercycle talk grows
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Most corporate ETH was bought in one quarter
Nearly all of the Ethereum accumulated by public companies to date landed in a three-month window. Bitwise Invest said that 95 percent of all ETH held by public companies was purchased in the past quarter alone, referring to $19.13 billion now sitting in public treasuries, roughly 4 percent of total supply. https://x.com/bitwiseinvest/status/1978500707419664694
Of the 4.63 million ETH held on public balance sheets as of Sept. 30, about 4 million were added in Q3, according to Bitwise.
What Q4 could bring
The concentration of buying sets up a big question for Q4 2025. Historically, Q4 is Ethereum’s second-worst quarter on average, according to CoinGlass. https://www.coinglass.com/today
Ether traded above 19 billion in liquidations. It has since slipped below 3,980, per CoinMarketCap. https://coinmarketcap.com/currencies/ethereum/
Even so, the new treasury narrative has bulls calling for a strong 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 12,000.
Institutions, staking, and the scarcity setup
Sharplink Gaming co-CEO Joseph Chalom said he is “bullish” on Ethereum, calling it “the best choice for institutions.” He added that it is decentralized, secure, and growing its network. He told Cointelegraph Magazine that one of Sharplink’s top priorities is to raise capital and accumulate as much ETH as possible.
Analysts also point to steady inflows into U.S. spot Ether ETFs and a large share of ETH locked in staking contracts. “40% OF THE ENTIRE SUPPLY IS GONE FROM CIRCULATION. THIS IS THE SETUP FOR AN ETHEREUM SUPERCYCLE,” trader Merlijn The Trader said. https://x.com/MerlijnTrader/status/1978460854254190852
Momentum watchers see more room versus Bitcoin. “BTC has barely started,” said Michaël van de Poppe, founder of MN Trading Capital. “The first uptick has happened, just like 2019.” https://x.com/CryptoMichNL/status/1978563027180966287
Q3 showed institutions stepping in with size. If Q4 adds catalysts, the bid could grow. The setup is simple, the execution is hard. But the interest is real. Tremendous if it sticks.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.