Ethereum is becoming the second-largest digital asset after Bitcoin that public companies are using to build corporate cryptocurrency reserves, according to Fixygen.
According to The Block’s Ethereum Treasury Tracker as of September 9–10, 2026, the nine publicly traded companies being monitored hold a total of approximately 7.63 million ETH on their balance sheets. The value of these reserves is estimated at approximately $19 billion.
BitMine Immersion Technologies emerged as the clear leader. The company announced on September 8 that it had increased its portfolio to 5.929 million ETH. In addition, BitMine holds 211 BTC, cash, and marketable securities totaling $593 million, as well as a number of other investments. The company estimates the total value of its cryptocurrency, cash, and marketable securities at $15.7 billion.
According to BitMine’s own estimates, the 5.93 million ETH it owns account for approximately 4.9% of the total Ethereum supply.
At the same time, the company has already staked approximately 5.067 million ETH. At the time of the announcement, BitMine valued these holdings at approximately $12.6 billion.
SharpLink ranks second among public corporate holders of Ethereum with 868,700 ETH worth approximately $2.15 billion, while Dynamix Corporation ranks third with 496,700 ETH worth approximately $1.24 billion.
Next are Bit Digital with 158,500 ETH, BTCS with 70,100 ETH, and Forum Markets with 69,800 ETH.
Thus, BitMine alone controls about 78% of all ETH held in specialized corporate Ethereum reserves tracked by The Block.
The emerging model resembles the strategy Strategy began implementing with Bitcoin several years ago, but there is a significant difference with Ethereum. A company can not only hold the digital asset in anticipation of its value increasing but also stake it to earn additional returns.
At the same time, this model carries additional risks—ranging from ETH volatility to fluctuations in staking yields and a potential discount on the company’s stock relative to the value of its Ethereum holdings.
As of September 10, ETH is trading at $2,470.
According to Fixygen, Ethereum is becoming the second-largest digital asset—after Bitcoin—that public companies are using to build corporate cryptocurrency reserves.
According to The Block’s Ethereum Treasury Tracker as of September 9–10, 2026, the nine publicly traded companies tracked hold a total of approximately 7.63 million ETH on their balance sheets. The value of these reserves is estimated at approximately $19 billion.
BitMine Immersion Technologies has emerged as the clear leader. The company announced on September 8 that it had increased its portfolio to 5.929 million ETH. In addition, BitMine holds 211 BTC, cash and marketable securities totaling $593 million, as well as a number of other investments.
The company estimates the total value of its cryptocurrency, cash, and marketable securities at $15.7 billion.
According to BitMine’s own estimates, the 5.93 million ETH it owns accounts for approximately 4.9% of the total Ethereum supply.
At the same time, the company has already staked approximately 5.067 million ETH. At the time of the announcement, BitMine valued this amount at approximately $12.6 billion.
SharpLink ranks second among public corporate holders of Ethereum with 868,700 ETH worth approximately $2.15 billion, followed by Dynamix Corporation in third place with 496,700 ETH worth approximately $1.24 billion.
Next are Bit Digital with 158,500 ETH, BTCS with 70,100 ETH, and Forum Markets with 69,800 ETH.
Thus, BitMine alone controls about 78% of all ETH held in specialized corporate Ethereum reserves tracked by The Block.
The emerging model resembles the strategy that Strategy began implementing with Bitcoin several years ago, though there is a significant difference with Ethereum. A company can not only hold the digital asset in anticipation of its value increasing but also stake it to earn additional returns.
At the same time, this model carries additional risks—ranging from ETH volatility to fluctuations in staking yields and a potential discount on the company’s stock relative to the value of the Ethereum it holds.
As of September 10, ETH is trading at $2,470.
Data source: Ethereum Treasury Tracker
According to Fixygen, the value of cryptocurrencies held on the balance sheets of public companies has reached approximately $123 billion, with Bitcoin accounting for over 81% of corporate digital reserves.
According to The Block’s Corporate Crypto Treasury Tracker as of September 10, 2026, the database lists 119 public companies, of which 109 hold active cryptocurrency reserves. The total value of their digital assets is estimated at approximately $123 billion.
Bitcoin accounts for about $99.8 billion, or 81.1% of the total. Public companies that use Bitcoin as their primary digital reserve asset collectively control about 1.274 million BTC.
Strategy, formerly known as MicroStrategy, remains the undisputed leader. As of September 7, the company held 845.05 thousand BTC. $63.73 billion was spent to acquire this amount, and the average purchase price was approximately $75,400 per Bitcoin. Strategy disclosed this information on September 8 in a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).
According to The Block’s current estimate, the value of Bitcoin on MicroStrategy’s balance sheet exceeds $66 billion. Thus, a single company accounts for approximately two-thirds of the value of corporate Bitcoin reserves tracked by the index.
Other major holders include Twenty One Capital with 43,514 thousand BTC, Japan’s Metaplanet with 43 thousand BTC, and mining company MARA with 35,303 thousand BTC. Another approximately 30 thousand BTC belongs to Cantor Equity Partners I, an entity linked to the upcoming BSTR deal.
The second-largest corporate cryptocurrency position after Strategy is no longer Bitcoin, but Ethereum. BitMine Immersion Technologies has accumulated nearly 5.93 million ETH worth approximately $14.7 billion.
The expansion of corporate crypto reserves means that digital assets are gradually transforming from a tool primarily used by private crypto investors into a separate line item on the balance sheets of public companies.
At the same time, the digital reserve strategy creates additional market risk. The stock prices of such companies are beginning to depend simultaneously on their core business, the value of the cryptocurrency they hold, capital-raising conditions, and the premium or discount to the value of crypto assets at which the stock market values the company.
Data source: Corporate Crypto Treasury Tracker
As of July 1, 2026, the Poltava region ranked first in Ukraine in terms of the average amount of tax debt per debtor company.
According to data from the State Tax Service cited by Opendatabot, the average tax debt per company in Poltava Oblast is approximately 2.78 million UAH.
Kirovohrad Oblast ranks second in this metric, with an average of about 2.2 million UAH per company in debt.
These figures significantly exceed the national average. In total, 218,731 companies owe the state 263.32 billion UAH, meaning the average debt is approximately 1.2 million UAH per company.
However, the largest number of debtors and the largest absolute amount of debt are concentrated not in the Poltava region, but in Kyiv. There are 58,056 debtor companies registered in the capital, with a combined debt of 96.06 billion UAH.
Thus, regional statistics reveal a significant difference between the number of debtors and the size of the debt: Kyiv dominates in terms of absolute figures, while Poltava Oblast leads in terms of the average debt per company.
Source: Opendatabot
As of July 1, 2026, 218,700 Ukrainian companies had tax debt totaling 263.32 billion UAH, according to data from the State Tax Service analyzed by Opendatabot.
On average, each debtor company owes about 1.2 million UAH in tax debt.
Since the beginning of 2026, the number of companies with tax debts has increased by approximately 3%, while the total amount of debt has risen by 4%.
At the same time, tax debt grew much more sharply in 2025. Over the past year, the number of companies in debt increased by only 4%, but the total amount of debt rose by approximately 1.6 times—nearly 100 billion UAH.
Overall, since the start of the full-scale war, the aggregate tax debt of Ukrainian companies has increased by 2.5 times. Based on current figures, it stood at approximately 105 billion UAH at the start of the full-scale invasion, meaning it has increased by roughly 158 billion UAH during this period.
Information on individual companies with the largest tax debts is currently unavailable. Since the start of the full-scale war, the State Tax Service has restricted access to some open data and has been publishing mainly aggregated statistics.
Companies that built their investment strategies around accumulating Bitcoin have lost over $80 billion in market capitalization since this model peaked in popularity in the summer of 2025.
According to Financial Times calculations, the combined market capitalization of the 50 largest Bitcoin treasury companies fell from approximately $150 billion in July 2025 to $67 billion in August 2026.
The model gained popularity thanks to Michael Saylor’s Strategy. Companies issued stocks or debt securities, used the raised funds to buy Bitcoin, and expected the market to value them higher than the cost of the cryptocurrency on their balance sheets.
As long as Bitcoin was rising, this scheme allowed companies to raise new capital in a virtually endless cycle. But BTC’s drop of about 30% from its October 2025 high disrupted the mechanism.
According to the FT, the shares of 35 companies in the group studied lost more than half their value. Some market participants have already begun selling part of their crypto reserves to service their debts.
In effect, the market has stopped automatically paying a premium simply for having Bitcoin on a company’s balance sheet. Investors are now much more closely scrutinizing a company’s debt, the cost of raising capital, and the business’s ability to fund payments without selling cryptocurrency.
