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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 10:19AM

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.)

Sage D. Young18h

Ripple launches treasury platform to manage cash and cryptocurrencies

Ripple, the firm closely tied to the fifth-largest cryptocurrency, XRP, introduced a new treasury platform for digital asset and traditional cash management for users like financial officers, treasurers, and accountants.

Ripple’s move comes more than three months after it acquired treasury software provider GTreasury for $1 billion, one of several steps to grow the firm’s position in corporate finance.

Combining Ripple’s blockchain rails and GTreasury’s software, the new platform’s goal is to simplify treasury operations. It eliminates settlement delays with payment times of three to five seconds and optimizes yield from working capital 24/7 through tokenized money market funds such as BlackRock’s BUIDL and overnight secure repo markets with RLUSD, according to a Tuesday blog post.

Ripple Treasury also aims to provide “real-time cash positions, automated forecasting, and seamless reporting across traditional cash, digital assets, RLUSD, and XRP holdings,” the blog post stated.

Last year, Ripple filed its national banking license application with the US Office of the Comptroller of the Currency, while the firm’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account, which would allow Ripple to hold RLUSD reserves directly with the Fed.

XRP has seen $2.4 billion in trading volume in the last 24 hours, increasing 1.8% in the period. The token’s all-time high was set in July 2025 at $3.65. Meanwhile, spot XRP ETFs had nearly $9.2 million worth of inflows on Tuesday, bringing cumulative inflows to $1.4 billion.

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US-CRYPTOCURRENCY-CLIMATE-EMPLOYMENT-CHINA

$82B

Sage D. Young1/27/26

Crypto money laundering activity totaled more than $82 billion in 2025, more than 8x higher than 2020’s figure of $10 billion, according to a Tuesday report published by crypto analytics firm Chainalysis. Chinese-language networks dominated the ecosystem, accounting for roughly 20% of the illicit activity, or $16.1 billion, last year:

“Compared to other laundering endpoints, since 2020, inflows to identified CMLNs [Chinese-langugage money laundering networks] grew 7,325 times faster than those to centralized exchanges, 1,810 times faster than those to decentralized finance (DeFi), and 2,190 times faster than intra-illicit on-chain flows.”

Tom Keatinge, director at the Centre for Finance & Security at security think tank Royal United Services Institute, told Chainalysis that the rapid development of Chinese-language networks is an “an unforeseen consequence” of China’s imposition of capital controls.

“Wealthy individuals seeking to move money out of China and evade these controls provide the impetus and liquidity pool needed to service organized crime groups based in the West,” he noted.

Keatinge told Chainalysis, “The professional enablers of this capital flight provide the services necessary to match these two independent yet mutually beneficial needs.”

Chinese-language networks offer six primary money movement techniques to clean dirty money, which include recruiting individuals to rent out their financial identities, selling illicit cryptocurrency at a discounted rate, and obscuring fund origins through multiple transactions.

Overall, this Chinese ecosystem processed nearly $44 million per day last year.

Sage D. Young1/26/26

Avalanche joins class of cryptocurrencies with at least one ETF

Investment management company VanEck on Monday introduced the first exchange-traded fund offering spot exposure to AVAX, the native token for the Avalanche blockchain and the latest cryptocurrency with an ETF.

The new investment vehicle also aims to provide staking rewards for holders, according to the press release. AVAX, which has seen over $354 million in trading volume in the last 24 hours, is up slightly today. The token is trading at $11.70 as of 1:20 p.m. ET, a far cry from its all-time high of $144.96 in 2021.

The nascent VanEck fund joins a group of its crypto-specific ETFs, including the firm’s bitcoin ETF, with $1.4 billion in total assets; its ethereum ETF, which holds $147.5 million; and its solana ETF, with assets totaling $27.9 million.

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

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