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Institutional interest and demand for Ethereum has increased dramatically recently, and this is reflected in the $ETH price.
While the $ETH price experienced its biggest monthly rise in recent years, the amount of Ethereum ($ETH) held by institutional investors exceeded $10 billion.
According to data from the Strategic Eth Reserve (SEV), the total value of Ethereum treasuries has now reached $10.58 billion, which corresponds to 2.26% of the total supply of $ETH.
Accordingly, institutional Ethereum holdings increased significantly last month, from $3 billion at the end of June to $10.5 billion, representing an increase of approximately $7.5 billion.
It was stated that this data covers 64 institutions with more than 100 $ETH.
Currently, the largest institutional holder of Ethereum is Bitmine Immersion Tech, which has shifted its primary focus from Bitcoin mining to Ethereum accumulation.
According to SEC data, Bitmne holds 625,000 $ETH ($2.42 billion) worth of $ETH. The company's president, Tom Lee, previously said he aims to buy 5% of the Ethereum supply and sell it as stock.
Bitmine is followed by Joseph Lubin’s SharpLink Gaming, which holds a treasury of 438,200 $ETH ($1.69 billion). Ether Machine comes in third, with a total holding of 334,800 $ETH worth $1.29 billion, after purchasing 15,000 $ETH.
According to this data, three institutional Ethereum treasuries have surpassed the Ethereum Foundation's $ETH reserves, which now hold 234,600 $ETH.
Geoffrey Kendrick, head of global digital asset research at Standard Chartered, predicted that $ETH accumulation will continue and that $ETH treasury firms could hold up to 10% of the total supply.
*This is not investment advice.