In a surprising turn of events, Ethereum (ETH) is rapidly gaining momentum in the strategic reserves race. Institutional holdings of Ethereum now account for more than 1% of its total supply. According to the data revealed by the Strategic ETH Reserves initiative, institutions collectively hold 1.19 million ETH, which is equivalent to almost $3 billion in value. This is indeed a significant step towards Ethereum adoption.

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Institutional Adoption of Ethereum on the Rise

Top institutions are dominating this pool of reserves, with the Ethereum Foundation leading from the front. At the moment, the Ethereum Foundation holds 269,431 ETH and is the largest institutional ETH holder. Following the Ethereum Foundation is the Nasdaq-listed gaming company, Sharplink. Sharplink acquired a total of 176,271 ETH on June 13 and staked 95% of the amount, signaling confidence in Ethereum’s long-term utility and value.

Other key Ethereum holders include Status (a messaging and wallet platform). The company purchased 23,066 ETH valued at approximately $2.9 million. Coinbase, Golem Foundation, and PulseChain are all major stakeholders in the Ethereum ecosystem. Surprisingly, the U.S. government also holds approximately 60,000 ETH through legal seizures.

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Other surprising Ethereum holders include Michigan’s state pension fund. The entity recently made headlines when it allocated $10 million in Ethereum. This demonstrates that institutions are becoming more and more sure that ETH will be a good long-term store of value. Bit Digital, BTCS, Intchains Group, and KR1 are just a few of the other publicly traded firms that have revealed their ETH holdings as part of their strategic crypto portfolios.

The Strategic ETH Reserve project keeps track of institutional Ethereum wallets that are publicly known. Its goal is to make the Ethereum network more open and to get more institutions to join it. The organization says that Bitcoin is still the most popular strategic corporate holding, but Ethereum’s unique features for smart contracts and decentralized apps are getting more attention from institutions. Analysts think that ETH will play a bigger role in treasury diversification and digital infrastructure investment in the next few years as more businesses and governments get interested in Ethereum.