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Corporate treasuries and spot ETFs are rapidly consolidating their hold on Ethereum (CRYPTO: ETH), with combined on-chain and off-chain holdings now surpassing $32 billion.

Data compiled by SER shows that 64 entities, spanning publicly listed firms, exchanges, DeFi protocols, nonprofits and governments, collectively hold 2.73 million ETH in their treasuries, valued at over $10.5 billion.

This marks a notable shift in asset allocation strategies, particularly as companies like Bitmine Immersion Tech (AMEX:BMNR), SharpLink Gaming (NASDAQ:SBET), and Ether Machine now individually surpass the Ethereum Foundation in ETH holdings.

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Bitmine alone controls 625,000 ETH, followed by SharpLink with 438,200 ETH and Ether Machine with 334,800 ETH.

U.S. spot Ethereum ETFs have seen explosive growth, with net inflows totaling $5.38 billion over a 19-day streak that began on July 3.

This matches a prior record streak from May but significantly exceeds it in dollar terms.

BlackRock’s (NASDAQ:ETHA) fund leads the pack, pulling in $4.19 billion during this run and controlling over 3 million ETH — about 2.5% of total ETH supply.

Altogether, U.S. spot Ethereum ETFs now hold approximately 5.7 million ETH, valued near $22 billion.

That figure represents 4.7% of Ethereum’s circulating supply, per data from CoinGlass.

These allocations make ETFs the single largest collective holder of ETH assets, outpacing even corporate treasuries.

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Why It Matters: This trend of institutional accumulation has been supported by recent regulatory shifts.

On Tuesday, the U.S. SEC approved in-kind redemptions for crypto ETFs, allowing authorized participants to exchange ETH and BTC directly for ETF shares, rather than cash, a move that aligns the structure of crypto funds with traditional markets and improves tax efficiency.

Additionally, BlackRock received acknowledgment from the SEC for its 19b-4 filing to enable staking within its ETH ETF, setting the stage for a new layer of yield-generating exposure for institutional investors.

Standard Chartered‘s digital assets head Geoffrey Kendrick predicts ETH treasuries could grow to control as much as 10% of the total supply, citing yield-generating opportunities like staking and deeper DeFi integration.