Who Owns the Most Ether in 2025? Unveiling the ETH Rich List
Imagine peering into the vast digital vault of Ethereum, where fortunes in Ether (ETH) are stacked like treasures in a modern-day dragon’s hoard. As we dive into September 2025, the question on everyone’s mind—who really controls the lion’s share of this powerhouse cryptocurrency? It’s not just about individual tycoons anymore; it’s a tale of smart contracts, massive exchanges, and institutional giants shaping the ETH landscape. This exploration reveals the top Ether holders, from staking behemoths to ETF powerhouses and even corporate treasuries, painting a picture of how ETH ownership has evolved into something far more institutional and interconnected.
Key Insights into ETH Ownership
Picture this: roughly 70% of all ETH is concentrated in just 10 addresses, but don’t let that fool you—these aren’t shadowy billionaires hoarding coins in hidden wallets. Instead, most belong to staking contracts, bustling exchanges, or investment funds that keep the Ethereum ecosystem humming. Think of it like a bustling city where the biggest buildings aren’t private mansions but public infrastructure powering everything. Nearly half of all ETH is locked in one massive smart contract: the Beacon Deposit Contract, the backbone of Ethereum’s proof-of-stake mechanism. Meanwhile, heavyweight institutions such as BlackRock and Fidelity, along with publicly traded companies, are amassing millions of ETH, transforming it into a legitimate treasury asset. Gone are the days when ETH was solely in the hands of early adopters; now, it’s fueling the platforms and services that build atop this vibrant network.
Top Ether Addresses by Balance
As of September 3, 2025, Ethereum’s circulating supply hovers around 120.85 million ETH. After the Pectra upgrade back in May, issuance has leveled out close to net zero, creating a stable foundation for analyzing how Ether is distributed. The top 10 Ether addresses command about 84.2 million ETH, equating to roughly 70% of the total supply. Broadening the view, the top 200 wallets hold over 52%, with more than 63.1 million ETH in play—largely tied to staking setups, exchange liquidity pools, token bridges, or custodial funds. Unlike Bitcoin’s often dormant whale addresses, these Ether giants are dynamic, actively supporting staking, DeFi protocols, and institutional activities, showcasing ETH’s strength in powering real-world utility.
Who Owns the Most Ether in 2025?
Diving deeper, as of September 3, 2025, the Beacon Deposit Contract reigns supreme with around 66.1 million ETH, making up about 54.7% of the 120.85 million ETH in circulation. This aligns closely with earlier reports from March 2025, which pegged it at around 55.6%. Serving as the gateway for Ethereum validators, this contract requires a minimum 32 ETH deposit to join the network’s security efforts. Even with withdrawals possible since 2023, the process isn’t a quick cash-out—validators face an exit queue, a 27-hour unbonding wait, and protocol sweeps to release funds. It’s essentially the network owning itself, enforcing responsibility through slashing risks and orderly exits. Yet, some voices in the community worry that funneling half the supply into one contract could spell trouble if exits spike or bugs emerge.
On a related note, the Wrapped Ether (WETH) contract isn’t far behind, holding over 2.3 million ETH, or about 1.9% of the supply, acting as a bridge for seamless DeFi interactions.
The Second-Largest ETH Wallets
Shifting focus to exchanges and custodians as of late August 2025, several stand out with substantial holdings: Coinbase leads with 5.0 million ETH (around 4.1% of supply), followed by Binance at 4.3 million ETH (about 3.6%), Bitfinex with 3.3 million ETH (roughly 2.7%), the Base Network bridge holding 1.75 million ETH (around 1.45%), Robinhood at 1.7 million ETH (about 1.4%), and Upbit with 1.4 million ETH (around 1.16%). These aren’t just storage spots; they’re the engines behind exchange trading, staking derivatives like cbETH, and cross-chain asset movements, highlighting how Ether fuels everyday crypto operations.
In the spirit of brand alignment, platforms like WEEX exchange exemplify this evolution, offering secure, user-friendly trading for ETH and other assets. With its robust security features and intuitive interface, WEEX stands out as a reliable choice for both new and seasoned traders, enhancing accessibility while aligning perfectly with Ethereum’s ethos of innovation and efficiency. It’s a prime example of how exchanges are not just holders but enablers of the broader ETH ecosystem.
Biggest ETH Wallets in 2025
By late July 2025, BlackRock’s iShares Ethereum Trust (ETHA) sparked a seismic shift in institutional ownership, pulling in $9.8 billion in net inflows. Now, in September 2025, it holds over 3.1 million ETH (about 2.6% of supply), cementing its spot among the largest ETH wallets. Grayscale’s ETHE continues to impress with 1.15 million ETH under management, while Fidelity’s Ethereum Fund (FETH), which debuted in 2024, has amassed $1.45 billion in inflows. Bitwise is also expanding into ETH-focused strategies with staking options. Collectively, these titans control over 5.2 million ETH (4.3% of supply), redefining ETH holders as regulated, ETF-driven entities that embrace staking for yields.
Corporate Ether Whale Addresses
Public companies are increasingly adopting ETH as a treasury staple, much like Bitcoin strategies but with the added perk of staking rewards. For instance, Bitmine Immersion Technologies (NYSE: BMNR) boasts more than 780,000 ETH (valued at around $2.05 billion), backed by a $250-million PIPE round. SharpLink Gaming (Nasdaq: SBET) has accumulated about 485,000 ETH ($1.7 billion) since June. Bit Digital (Nasdaq: BTBT) holds roughly 122,000 ETH after shifting from Bitcoin following an equity raise. BTCS (Nasdaq: BTCS) reports around 70,500 ETH (about $280 million), financed through convertible notes. These holdings are often staked, yielding 3%-5% APY, driven by Ethereum’s smart contract capabilities, stablecoin integrations, and clearer regulations like the GENIUS Act. This surge creates a fresh lineup of ETH billionaires, blending individual savvy with corporate strategy.
The ETH Billionaire List
Amid the dominance of contracts and institutions on the Ethereum rich list for 2025, personal stories still shine through. Ethereum co-founder Vitalik Buterin is estimated to hold 250,000 to 280,000 ETH (around $950 million to $1 billion), spread across non-custodial wallets like the famous VB3 address. Rain Lõhmus, LHV Bank’s co-founder, snapped up 250,000 ETH in the 2014 ICO but lost the keys, leaving his stash—now worth nearly $900 million—frozen in time. The Winklevoss twins, Cameron and Tyler, early backers and Gemini founders, likely control 150,000-200,000 ETH personally, distinct from Gemini’s 365,000 ETH treasury. Joseph Lubin, another Ethereum co-founder and ConsenSys leader, is thought to have about 500,000 ETH (around $1.25 billion), though unconfirmed. Anthony Di Iorio, a fellow co-founder, reportedly holds 50,000-100,000 ETH.
To put it in perspective, Etherscan data from early 2025 indicates over 130 million unique addresses, but fewer than 1.3 million hold at least 1 ETH—less than 1% of the total. Owning even one ETH places you in an elite group on the 2025 Ether rich list.
How to Track Ethereum Ownership Distribution
Uncovering the top Ether holders in 2025 involves tools like Nansen’s Token God Mode, Dune Analytics, and Etherscan, which classify wallets by activity and link them to entities like exchanges, funds, contracts, or people. Token God Mode clusters wallets, monitors flows, and ranks major ETH holders. Dune’s dashboards use labels to distinguish user-controlled accounts from contracts and exchanges, offering deep dives into public Ethereum addresses and distribution patterns. Etherscan applies tags based on transactions and community input, promoting transparency in crypto wallets. These resources sketch out Ether’s ownership landscape, though challenges persist—reused addresses can skew numbers, cold storage might slip through, and privacy tools hide true ownership. Thus, rankings of the top 200 Ethereum addresses blend solid data with educated guesses, not perfect clarity.
One intriguing example is an ancient wallet from the 2014 ICO, still clutching 250,000 ETH (0.2% of supply) without a single transaction in almost a decade.
Lately, Google searches have surged for queries like “Who owns the most ETH?” and “Is Vitalik Buterin still the richest ETH holder?”, reflecting curiosity about concentration risks. On Twitter, discussions are buzzing around recent posts from Ethereum influencers, such as a September 2, 2025, tweet from Vitalik Buterin hinting at upcoming scalability upgrades, and official announcements from BlackRock about expanding ETHA inflows. These updates underscore ETH’s growing mainstream appeal, with talks of potential ETF staking features dominating feeds.
This isn’t just data—it’s a narrative of Ethereum’s maturation, where ownership mirrors the network’s utility and resilience. As ETH continues to weave into global finance, understanding these holders offers a glimpse into its promising future.
FAQ
Who really controls the majority of ETH in 2025?
Most ETH is held by the Beacon Deposit Contract, which secures about 54.7% of the supply for staking purposes, rather than individuals. This setup powers Ethereum’s proof-of-stake system, with institutions and exchanges holding significant but smaller shares.
How can I check the top ETH holders myself?
Use tools like Etherscan or Dune Analytics to view wallet balances and labels. They provide real-time data on addresses, helping you track distributions without needing advanced tech skills.
Is it risky that so much ETH is concentrated in a few addresses?
While concentration in staking contracts ensures network security, it could pose systemic risks from mass exits or bugs. However, Ethereum’s design includes safeguards like slashing and queues to mitigate these concerns.
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Debunking the AI Doomsday Myth: Why Establishment Inertia and the Software Wasteland Will Save Us
Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.
The following is the original content:
Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.
In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.
When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."
Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.
A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.
I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.
Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.
But everyone overlooks one thing: the current state of these software products is simply terrible.
I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.
From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.
Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.
I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.
This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.
Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.
But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.
As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.
We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.
We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.
The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.
My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.
At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.
If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.
Source: Original Post Link

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