Who owns the most ethereum? Biggest ETH holders in 2025
Ethereum is one of the most widely used networks in the digital asset space, supporting a broad range of activity from decentralised finance (DeFi) to NFTs and smart contracts.
Who are the largest ethereum holders in 2025? Take a closer look at who owns the most ETH today, and how staking and recent network upgrades continue to influence its supply and ownership structure.
Ethereum remains the second-largest cryptocurrency by market capitalisation, evolving steadily since its transition to proof of stake (PoS) and ongoing technical updates. With around 120.7 million ETH in circulation and more than half of it staked, Ethereum’s ownership and supply composition have changed significantly since its 2022 shift from proof of work (PoW).
Past performance is not a reliable indicator of future results.
What is Ethereum?
Ethereum is a leading smart contract blockchain, supporting decentralised applications (DApps) that range from financial protocols to gaming and digital identity. Its native token, ether (ETH), acts as both the network’s transactional fuel and a store of value.
Created by Vitalik Buterin and co-founders in 2015, Ethereum introduced programmable contracts that enable self-executing, on-chain applications. This concept underpins decentralised finance (DeFi), non-fungible tokens (NFTs), and the broader Web3 ecosystem.
Unlike bitcoin (BTC), which focuses on peer-to-peer value transfer, Ethereum serves as the foundation for programmable digital assets and decentralised systems. As of mid-2025, the Ethereum network has over 120 million unique addresses, though fewer than 1.3 million hold one full ETH or more – reflecting wide participation but also a concentration of ownership among larger holders.
Ethereum use cases in 2025
Ethereum remains central to DeFi, NFTs, and institutional blockchain use. While NFTs continue to generate substantial network demand, DeFi applications have stabilised, and ETH is increasingly used as collateral and a reserve asset by both retail and institutional participants.
Stablecoins such as USDT and USDC account for a significant share of on-chain activity, while protocols including Uniswap (UNI), Aave (AAVE), and Chainlink (LINK) continue to depend on Ethereum’s infrastructure.
Beyond retail trading, institutional investors now use ETH for staking, yield generation, and portfolio diversification, reinforcing its role as digital infrastructure rather than a purely speculative asset.
ETH holders: who owns the most ethereum in 2025?
According to on-chain data, Ethereum’s largest holders include staking contracts, exchanges, smart contracts, and institutional custodians.
As of November 2025, the top 20 ethereum holders include:
| # | Address / entity | Holding (ETH) | % of total supply | Type / function |
|---|---|---|---|---|
| 1 | Beacon Deposit Contract | 72,866,497.54 | 60.37% | Staking (validators) |
| 2 | Wrapped Ether (WETH) | 2,605,573.98 | 2.16% | Smart contract |
| 3 | Binance 7 | 1,996,008.37 | 1.65% | Exchange wallet |
| 4 | Robinhood | 1,177,794.80 | 0.98% | Brokerage |
| 5 | Upbit 41 | 905,800.20 | 0.75% | Exchange wallet |
| 6 | Arbitrum Bridge | 833,133.05 | 0.69% | Layer-2 bridge |
| 7 | Base: Base Portal | 743,626.18 | 0.62% | Layer-2 bridge |
| 8 | Binance: Binance-Peg Tokens | 554,999.06 | 0.46% | Exchange reserve |
| 9 | Binance: Hot Wallet 20 | 538,622.36 | 0.45% | Exchange hot wallet |
| 10 | Bitfinex 19 | 450,118.33 | 0.37% | Exchange cold wallet |
| 11 | Gemini: Cold Wallet | 395,763.80 | 0.33% | Custodial service |
| 12 | Kraken: Cold Wallet 3 | 329,444.02 | 0.27% | Exchange storage |
| 13 | Unidentified wallet | 325,000.49 | 0.27% | Private |
| 14 | Polkadot: MultiSig | 306,276.64 | 0.25% | Cross-chain fund |
| 15 | Tornado.Cash: 100 ETH pool | 296,400.00 | 0.25% | Privacy mixer |
| 16 | Kraken: Cold Wallet 4 | 292,784.46 | 0.24% | Exchange storage |
| 17 | Robinhood 6 | 289,317.52 | 0.24% | Brokerage wallet |
| 18 | Bitfinex 20 | 275,000.04 | 0.23% | Exchange cold wallet |
| 19 | OKX 73 | 250,000.03 | 0.21% | Exchange wallet |
| 20 | Rain Lohmus (individual) | 250,000.03 | 0.21% | Private individual |
Together, these top 20 addresses account for over 72% of all circulating ETH.
Source: Etherscan, 17 November 2025.
What does this tell us about ethereum’s ownership?
The data shows that Ethereum’s ecosystem is increasingly shaped by staking, bridges, and institutional activity. The Beacon Deposit Contract holds the majority of ETH, yet control remains decentralised, as the staked tokens belong to thousands of individual validators.
At the same time, exchange reserves have fallen to multi-year lows, with several major platforms seeing significant outflows in 2025. This trend reflects a shift towards self-custody and long-term staking, rather than short-term trading.
Institutional participation continues to grow. Public companies such as SharpLink Gaming and Bitmine Immersion Technologies now include ETH in their treasury portfolios, using it to earn staking yields. In addition, regional ETFs have contributed to reduced on-exchange liquidity by holding ETH in custodial accounts.
Ethereum supply and staking
Ethereum’s supply model differs from bitcoin’s. Bitcoin’s supply is fixed at 21 million coins, whereas Ethereum’s is dynamic, affected by staking participation and network usage.
Since the Merge in 2022, Ethereum has fully transitioned to PoS, reducing block rewards and overall issuance.
As of mid-2025, the network’s supply and staking distribution can be summarised as follows:
| Metric | Value (approx.) | Description |
|---|---|---|
| Total ETH in circulation | 120.71 million ETH | Current estimated total supply |
| ETH staked | ~66 million ETH (55%) | Locked in staking contracts via the Beacon Deposit Contract |
| Validators | 1.25 million+ | Independent validators securing the network |
| Annual issuance rate | Close to 0% | Post-Pectra and Fusaka upgrades, near-neutral inflation |
| Next upgrade (Fusaka) | December 2025 (expected) | Aims to improve efficiency and lower transaction costs |
This staking model has reduced liquid supply, as validators now secure the network in return for staking rewards instead of mining income. The Pectra and Fusaka upgrades have further stabilised ETH issuance near zero, sometimes making the asset deflationary depending on network activity.
What could be next for ethereum?
Ethereum’s development roadmap remains focused on efficiency, scalability, and institutional readiness. The Pectra and Fusaka upgrades build on earlier milestones like the Merge and Shanghai, enhancing validator performance, reducing fees, and improving network scalability.
With more than half of ETH staked, exchange balances near record lows, and a stable issuance model, Ethereum’s supply and security are now driven by long-term participation rather than speculation.
While market sentiment can change, Ethereum’s underlying structure – low inflation, active staking, and broad real-world adoption – continues to support its evolution as a core blockchain infrastructure.
Create an account Open a demo account
FAQ
How many ethereum holders are there?
As of mid-2025, there are over 120 million unique Ethereum addresses, although fewer than 1.3 million hold one full ETH or more. This reflects broad network participation but also notable concentration among larger holders, as a relatively small number of addresses control a significant portion of the total supply.
How many ethereum millionaires are there?
There’s no verified public record of how many individuals hold portfolios worth at least one million US dollars in ETH. On-chain data indicates that only a limited number of addresses – mainly institutional, exchange, or staking-related – control more than 1% of the total supply. The identity of these holders remains undisclosed unless voluntarily revealed.
Is there a finite amount of ethereum?
Ethereum does not have a fixed supply cap. However, following its transition to proof of stake (PoS) and subsequent upgrades such as Pectra and Fusaka, ETH issuance has stabilised near zero. Depending on network activity, the supply can occasionally become deflationary, as transaction fees burned through the protocol may exceed new issuance.
Can you trade ethereum with CFDs?
Yes. contracts for difference (CFDs) allow traders to speculate on the price movements of crypto pairs, such as ETH/USD, without owning the underlying asset. This enables positions in either direction – long or short – depending on market expectations. However, CFD trading involves leverage, which can amplify both potential gains and losses. It’s important to understand how CFDs work and to apply appropriate risk-management tools before trading.