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
The share of Ethereum held in staking has exceeded 35% of the cryptocurrency’s total supply, and the queue of users waiting to add new funds to the validator network has stretched to nearly 33 days, according to Fixygen.
According to Ethereum Validator Queue data as of September 10, approximately 42.9 million ETH, or 35.19% of the Ethereum supply, is in staking. The network has about 909,700 active validators.
At the same time, approximately 1.895 million ETH was in the queue to join the network. The estimated wait time for a new validator to join was 32 days and 22 hours.
The situation with withdrawals is the opposite: only about 25,300 ETH was in the withdrawal queue, and the wait time was about 10.5 hours. After a validator withdrew, the additional delay until the funds were actually received was estimated at approximately 7.9 days.
This ratio of queues indicates a significantly higher current demand for entering staking than for exiting it.
The yield on Ethereum staking is approximately 2.59% per annum. It varies depending on the amount of ETH used to support the network’s operation and other protocol parameters.
The increase in the amount of ETH locked in Ethereum validators potentially reduces the supply of coins directly available on the market. However, it would be incorrect to consider all 42.9 million ETH as completely removed from circulation: some staking is conducted through liquid protocols that issue derivative tokens circulating on the market.
An additional factor is the growing interest in Ethereum among public companies. The largest corporate holder of ETH, BitMine Immersion Technologies, announced on September 8 that of the 5.93 million ETH it owns, 5.067 million are already staked.
Amid the rise in staking, Ethereum is trading at around $2,470. As of September 10, the price of ETH stands at approximately $2,468, down from $2,485 the previous day.
Ethereum transitioned to the Proof-of-Stake consensus mechanism in September 2022. Validators lock up ETH to validate transactions and secure the network, receiving rewards in return.
Data source: Ethereum Validator Queue
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
According to Fixygen, the cryptocurrency market is ending the first week of September on an uptrend after significant volatility at the start of the week: Bitcoin has returned above the $81,000 mark, Ethereum has approached $2,500, and the total market capitalization has risen to approximately $2.81 trillion. The main driver of this movement was a shift in expectations regarding the U.S. Federal Reserve’s future monetary policy.
According to CoinGecko, as of midday on September 4, Bitcoin was trading at around $81,000, Ethereum at around $2,500, XRP at $1.44–1.45, and Solana at around $104. The total market capitalization of the cryptocurrency market stood at approximately $2.81 trillion, having increased by about 4.5% over the past 24 hours. Bitcoin accounted for about 58% of the market capitalization, while Ethereum accounted for about 11%.
The week started off much weaker. On August 31, Bitcoin was trading at around $78,600; on September 1–2, it fell to $77,000, but then rebounded sharply. On the night of September 4, the price rose to approximately $82,200—a high not seen in more than three months. Thus, compared to the start of the week, BTC has risen in price by about 3%, although the change over the past seven days remains significantly more modest—about 1%. (CoinGecko)
The main reason for the new surge was statements by Federal Reserve Board member Christopher Waller. Speaking on September 3, he said he was prepared to support keeping the interest rate at its current level if incoming data confirmed a further slowdown in inflation. At the same time, Waller did not rule out a rate hike if August inflation accelerates again. Following his remarks, pressure on the dollar and U.S. Treasury yields eased, which supported risk assets, particularly cryptocurrencies.
Ethereum showed more subdued price action throughout the week. After reaching a level of around $2,470 on August 31, ETH fell below $2,400, then recovered to approximately $2,500. XRP, after falling to $1.35, rose again to about $1.45, while Solana climbed above $100. On a seven-day basis, Ethereum and XRP are roughly flat, while Solana is down about 3%.
U.S. spot ETFs remain a key support factor for Bitcoin. Following a net outflow of about $236.5 million on September 1, the funds received about $101 million on September 2, and preliminary data for September 3 already indicates approximately $277 million in inflows.
In August, the total inflow into spot Bitcoin ETFs was estimated at approximately $3.52 billion. However, capital flows remain volatile and do not yet indicate a return to a sustained series of daily purchases.
The situation in the Ethereum market is less clear-cut. On September 2, U.S. spot Ethereum ETFs recorded a net outflow of about $48 million, breaking a streak of 12 trading sessions with inflows, during which the funds attracted about $1.62 billion. This partly explains ETH’s weaker performance compared to Bitcoin in early September.
Among large and mid-cap cryptocurrencies, Zcash stood out as the most notable exception this week: according to CoinDesk, as of September 4, the coin had risen by approximately 20% over seven days and about 15% over the past 24 hours. Hyperliquid also significantly outperformed most major crypto assets.
In the coming days, the market will remain primarily dependent on U.S. macroeconomic data. On September 4, the U.S. Department of Labor is set to release the August employment report, and the Consumer Price Index (CPI) will be released on September 11. These figures will be particularly important ahead of the Fed meeting on September 15–16. The official BLS calendar confirms the release of August labor market data on September 4 and the Consumer Price Index (CPI) on September 11.
The base case scenario for Bitcoin in the near term is that it will remain within a range of approximately $76,000–$83,000. The $76,000–$77,000 zone acted as support several times earlier this week, while the $82,000 level has already become the nearest resistance. A sustained move above $82,000–$83,000, coupled with continued capital inflows into Bitcoin ETFs, could pave the way toward the $85,000–$88,000 level. In the event of strong U.S. inflation or labor market data that once again increases the likelihood of a Fed rate hike, a return to the $76,000–78,000 range becomes the most likely scenario. A break below this support level would significantly worsen the short-term technical picture.
For Ethereum, the $2,400–$2,550 range remains key. A confident break above $2,550 could allow the market to test $2,700–$2,800; however, this would require not only a rise in Bitcoin but also a resumption of a steady inflow of capital into the Ethereum ETF. If sentiment deteriorates, a pullback below $2,400 will once again bring the $2,250–2,300 zone into focus.
Thus, the first week of September has not yet become a full-fledged continuation of August’s strong rally. Rather, the market has entered a phase of testing the levels reached: Bitcoin appears stronger than most major altcoins, institutional demand remains steady, but capital flows through ETFs are volatile. The main drivers for the crypto market over the next two weeks will be U.S. inflation, the Fed’s decision, and Bitcoin’s ability to hold above $82,000.
According to Fixygen, the cryptocurrency market ended the week of August 17–23 with a sharp rally: Bitcoin rose by approximately 23%, Ethereum by more than 30%, and a number of major altcoins showed even stronger gains. The main drivers were an influx of funds into U.S. spot cryptocurrency ETFs, a weaker dollar, shifts in the U.S. Treasury market, and positive regulatory signals from Washington.
As of August 23, Bitcoin was trading at approximately $77,200, compared to about $62,900 at the end of the previous week. On August 21, the price rose to $79,300, marking a three-month high. Thus, BTC posted its best weekly performance in more than two years.
Ethereum rose even faster. ETH climbed from approximately $1,880 to $2,460—an increase of more than 30%. On August 19 alone, the second-largest cryptocurrency by market capitalization gained about 17.5%, and on August 21, it rose another 8%.
The rally also spread to altcoins. XRP rose by about 40% or more over the course of the week, Solana by more than 20%, and Chainlink, Hyperliquid, Dogecoin, and a number of other major digital assets also showed significant gains. Thus, this time the growth was not limited to Bitcoin alone.
One of the main factors was a sharp reversal in inflows into U.S. cryptocurrency ETFs. Over the five trading sessions from August 17–21, spot Bitcoin and Ethereum ETFs in the U.S. attracted a combined total of about $2.6 billion, marking their best weekly performance since October 2025.
Bitcoin ETFs accounted for about $1.92 billion, while Ethereum ETFs accounted for about $697 million. Meanwhile, Bitcoin funds recorded net inflows for all five consecutive trading days. Bitcoin ETF trading volume for the week exceeded $22 billion, more than tripling the previous week’s figure.
The market received an additional boost on August 19 following the U.S. Treasury Department’s decision to increase the volume of long-term Treasury bond buybacks. This led to a decline in yields on some government securities and a weakening of the dollar, prompting investors to step up purchases of gold and Bitcoin as alternative assets.
According to Reuters, by the end of the week, the dollar had fallen to a three-month low against the euro, which also created a favorable backdrop for cryptocurrencies. During this period, some investors viewed Bitcoin, alongside gold, as part of the so-called “debasement trade”—betting on assets with limited supply amid concerns over U.S. debt and fiscal policy.
The closing of large short positions was also a key factor. Bitcoin’s rapid surge past the $65,000, $70,000, and $75,000 levels forced traders who had bet on a further decline to close their positions en masse. According to various estimates, during the most active phase of the rally, more than $4 billion in short positions were liquidated in the crypto market, which further accelerated the rally.
The regulatory backdrop in the U.S. also proved positive for the sector. On August 18, the U.S. Securities and Exchange Commission (SEC) proposed a new specialized framework for certain cryptoasset transactions and offerings. The SEC notes that the goal of the changes is to adapt the rules to the unique characteristics of digital assets, facilitate capital raising, and at the same time maintain investor protection requirements.
Thus, several favorable factors converged on the market simultaneously over the course of a single week: strong institutional demand driven by ETFs, a weaker dollar, improved liquidity expectations, and a reduction in regulatory uncertainty.
At the same time, the weekend showed that after such rapid growth, investors began to partially lock in profits. After peaking above $79,000, Bitcoin returned to the $76,000–$77,000 range, while Ethereum, after surpassing $2,500, traded around $2,400–$2,500. For now, this looks more like consolidation following a sharp rally than a full-fledged trend reversal.
U.S. monetary policy will be a key test for cryptocurrencies as early as next week. An economic symposium will take place in Jackson Hole on August 27–29, and Federal Reserve Chair Kevin Warsh is scheduled to speak on August 28. The market will be closely watching his assessment of inflation, interest rates, and the situation in the bond market.
For Bitcoin, the immediate key resistance zone remains the $79,000–$80,000 range. Holding above this level could pave the way for a continued recovery following the drop from record highs in 2025. At the same time, after a gain of more than 20% in a single week, the risk of a short-term correction remains high.
For Ethereum, the key will be holding the $2,300–2,400 range and continued inflows into spot ETH ETFs. It is the resilience of institutional demand following the best week for ETFs in 2026 that will determine whether the current rally will evolve into a longer-term uptrend.
Fixygen will continue to monitor inflows into cryptocurrency ETFs, Fed policy, the dollar’s performance, and Bitcoin’s behavior near the $80,000 level, all of which could determine the market’s direction in late August.
According to Fixygen, the cryptocurrency market ended last week mostly on an uptrend: Bitcoin rebounded from its early August decline and once again tested the $65,000 mark, while Ethereum and most of the major altcoins also gained ground. The exception among the leading cryptocurrencies was XRP, which lost about 5% over the week.
As of the morning of August 10, Bitcoin was trading at around $65,200 and had risen by approximately 3.7% over the past seven days, according to CoinDesk data. On Monday, the price fell back below $65,000—to around $64,500–$64,700. As of August 7, BTC was up 3.1% for the week, heading toward its first weekly gain in three weeks.
Ethereum was trading around $1,900 at the start of the new week and also ended the week with gains. BNB and Solana were in positive territory, while XRP lagged behind the broader market recovery and lost about 5%.
One of the main supporting factors was the return of institutional demand. U.S. spot Bitcoin ETFs saw $853.54 million in net inflows last week, marking the strongest weekly result since mid-April. A significant portion of the funds went to BlackRock’s IBIT fund.
The combined net inflow into U.S. spot Bitcoin and Ethereum ETFs for the week is estimated at approximately $1.1 billion. Back in early August, the situation was the opposite: Bitcoin ETFs had ended the previous week with a small net outflow, so the return of major buyers became one of the key shifts in the market landscape.
U.S. macroeconomic data provided additional support for cryptocurrencies. Weak U.S. labor market data eased concerns about a possible further increase in the Fed’s interest rates and bolstered demand for risky assets. Following the release of the data, Bitcoin rose to $65,000, while U.S. stock indices finished the week on a strong note.
However, it is still too early to speak of a full-fledged return to a sustained bullish trend. Bitcoin remains near the $62,000–$65,000 range, where it has spent much of the past few weeks. Analysts note that a sustained market recovery would require a break above the $65,000 level.
Another sign of caution is the extremely low realized volatility. Last Saturday, BTC’s trading range was only about $350—the narrowest Saturday range since November 2023. At the same time, the options market continues to see elevated demand for downside protection around the $62,000–$63,000 range, indicating ongoing concerns among market participants.
News of the sale of bitcoins by Strategy, the largest corporate holder, also acted as a restraining factor. The company reported on August 10 that it had sold 1,690 BTC for approximately $108.6 million the previous week, using the proceeds, in part, to repurchase preferred shares. Its holdings have decreased to 840,447 BTC.
Regulatory factors, on the other hand, are likely to take a back seat by the end of August. The U.S. Senate failed to pass the CLARITY Act before Congress’s August recess began. Lawmakers are not expected to resume consideration of comprehensive regulations for the digital asset market until at least mid-September.
What Will Drive the Market Through the End of August
The first major test will be U.S. inflation data. The U.S. Consumer Price Index for July is scheduled for release on August 12, the Producer Price Index on August 13, and retail sales data on August 14. Following weak employment data, inflation figures could shape expectations regarding the Fed’s future policy and, consequently, the direction of Bitcoin and other risky assets.
The next key date will be August 19, when the Federal Reserve releases the minutes of the July 28–29 FOMC meeting. Investors will be looking for additional signals in the minutes regarding the extent to which the central bank is concerned about the combination of rising inflation and a softening labor market.
The last week of August will be even more eventful. On August 26, the U.S. will simultaneously release the second estimate of second-quarter GDP and July statistics on personal income and spending, including the PCE price index—one of the Fed’s key inflation benchmarks.
From August 27 to 29, the Kansas City Federal Reserve Bank will hold its annual symposium in Jackson Hole. In 2026, the symposium’s theme is directly related to financial markets: “Financial Innovation: Implications for Payments and Policy.” Therefore, statements by central bank leaders may be of particular significance for the cryptocurrency sector as well.
Two main scenarios can be identified for the market through the end of August. Assuming continued capital inflows into ETFs, more moderate inflation in the U.S., and sustained expectations of a neutral or more dovish Fed policy, Bitcoin will have the opportunity to consolidate above $65,000 and attempt to return to July’s levels above $66,000. This is a conclusion based on the current market structure, not a guaranteed price forecast.
The negative scenario is primarily linked to an unexpected acceleration of inflation in the U.S., rising bond yields, and a renewed escalation of geopolitical risks surrounding the Middle East and the Strait of Hormuz. In that case, market attention will shift back to the $62,000–$63,000 range, where options traders are currently actively hedging against a decline.
Thus, the crypto market is entering the second half of August in a stronger position than at the beginning of the month: institutional inflows have resumed, Bitcoin has recouped a significant portion of its recent losses, and most of the largest altcoins have turned bullish. However, low volatility and the concentration of several key macroeconomic events in the second half of the month set the stage for a noticeable increase in price fluctuations by the end of August.
