TLDR
- Corporate treasuries purchased 4 million ETH tokens during Q3 2025, representing 95% of all public company Ethereum holdings
- BitMine Immersion Technologies leads with 3.03 million ETH, followed by Sharplink Gaming’s 840,120 tokens
- Ethereum trades at $3,953 after recent market volatility caused $115 million in ETH liquidations
- Multiple analysts forecast $10,000 to $12,000 price targets before year-end 2025
- Technical analysis shows bull flag pattern with 40% of total supply removed from circulation through staking
Public companies made an unprecedented move into Ethereum during the third quarter of 2025. Data from Bitwise Invest reveals that 95% of all corporate ETH purchases happened between July and September.
These companies now hold $19.13 billion worth of Ethereum tokens. This amounts to approximately 4% of the total ETH supply. Public treasuries added 4 million tokens during Q3 alone, bringing total holdings to 4.63 million ETH.
BitMine Immersion Technologies controls the largest position at 3.03 million ETH. Sharplink Gaming holds 840,120 tokens. The Ether Machine rounds out the top three with 496,710 ETH, according to StrategicETHReserve.
Ethereum currently trades at $3,953 following a recent market correction. The token dropped below the key $4,000 level after reaching above $4,300. A broader crypto sell-off triggered $19 billion in total market liquidations.
CoinGlass data shows Ethereum accounted for $115 million of the $650 million liquidated across all cryptocurrencies in the past 24 hours. The single largest ETH liquidation occurred on OKX, valued at approximately $5.5 million.
Price Targets and Market Analysis
BitMEX co-founder Arthur Hayes projects Ethereum will reach $10,000 by December 2025. BitMine chair Tom Lee shares this view and suggests prices could climb to $12,000.
Sharplink Gaming co-CEO Joseph Chalom expressed bullish sentiment about Ethereum’s institutional appeal. He cited the network’s decentralization, security and continuous growth as key factors. Chalom stated that accumulating as much ETH as possible remains a top priority for his company.
ETH futures open interest increased by 8% in one day. CryptoQuant analyst Maartunn observed that leverage-driven rallies have struggled to maintain momentum. He warned about “revenge trading” patterns where traders attempt to quickly recover losses.
Traders identified support near $3,800. Market depth analysis indicates long-term holders are adding positions at lower prices. This level aligns with previous demand zones.
Technical Setup and Supply Dynamics
Weekly charts display a bull flag formation. This pattern typically continues the previous upward trend after a consolidation period. The measured move from this pattern points to a $10,000 target.
Michaël van de Poppe, founder of MN Trading Capital, highlighted the ETH/BTC ratio near 0.032 as an attractive entry point. He compared current market conditions to 2019, which preceded substantial rallies.
Analyst Merlijn The Trader emphasized that 40% of Ethereum’s total supply has been removed from circulation. This includes tokens locked in staking contracts and long-term storage. Such supply constraints could support higher prices.
Beyond corporate buying, analysts point to additional bullish factors. US spot Ether ETFs continue receiving steady inflows. Layer-2 development and expanding network fundamentals also support the long-term outlook.
Van de Poppe stated there is substantial upside potential ahead. He suggested the ETH versus BTC ratio movement has only just begun.
Network metrics remain healthy. Active development, growing staking participation and layer-2 ecosystem expansion provide fundamental support. A clean break above recent resistance levels could validate the move toward previous highs and the projected $10,000 target.
