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Ethereum treasury firms surpass bitcoin treasury companies by percentage of total supply

Asia’s institutional conviction for the second-largest cryptocurrency deepens as Tokyo-listed Quantum Solutions scoops up about 2,000 ethereum tokens through its subsidiary.

Sage D. Young

10/23/25 11:19AM

Ethereum treasury firms have taken the lead over their bitcoin counterparts by percentage of total supply, with 4% held by these companies, a higher figure than the 3.6% of bitcoin’s supply held by treasury firms, data from blockchain analytics firm Artemis shows.

The flip occurred quickly, as BitMine Immersion Technologies and SharpLink Gaming, which own the bulk majority of the ethereum tokens held by corporate firms, jump-started their strategies this year, while Michael Saylor-led Strategy, the top dog among bitcoin treasuries, began its accumulation in August 2020.

Percentage of bitcoin, ethereum, and solana’s total supply owned by digital asset treasury firms. (Artemis)

Meanwhile, Quantum Solutions, an AI-focused company headquartered in Tokyo and backed by Cathie Wood’s ARK Invest, announced acquiring 2,000 ethereum tokens through its subsidiary GPT Pals Studio Limited. The firm’s total holdings now stand at 3,865.8 tokens worth nearly $15 million, making it the largest Japanese treasury firm in the space.

The second-largest Japanese ethereum treasury firm, Def Consulting, also announced acquiring 50 million yen of ethereum, or nearly $330,000 at current exchange rates.

Noah Roy, an investment analyst at Ryze Labs, told Sherwood News, “Institutional accumulation and the growth of ethereum-based treasuries point to a maturing demand base and reinforce confidence in its long-term role in digital finance.”

The developments highlight how institutional conviction in ethereum remains strong, especially in Asia, where firms are positioning for the long term and have deeper balance sheet integrations, added Omer Goldberg, the founder and CEO of risk management firm Chaos Labs.

“However, this accumulation hasn’t yet been enough to decouple ethereum from broader macro pressures. Global trade tensions and risk-off sentiment are still suppressing valuations across all risk assets,” Goldberg said to Sherwood.

“What we’re seeing now is less about short-term price action and more about structural belief in ethereum’s future utility and scarcity,” he continued. “Unless we get some clarity or de-escalation on the geopolitical side, isolated institutional buys won’t meaningfully shift the trend this month.”

Based on Robinhood’s event contracts, market-implied probabilities show that traders have a bearish view on ethereum’s price trajectory, indicating there’s a 61% chance the asset’s price falls below $3,250 before the end of the year.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Yaël Bizouati-Kennedy

Bitcoin tumbles as oil and gas prices spike and the market’s mood turns risk-off

Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

Sage D. Young22h

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter.

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows.

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions.

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Sage D. Young23h

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework.

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

Aptos, avalanche, bitcoin, bitcoin cash, cardano, chainlink, dogecoin, ethereum, hedera, litecoin, polkadot, shiba inu, solana, stellar, tezos, and XRP.

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy

3/18/26

Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Sage D. Young3/17/26

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%.

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too