Emre Yumlu 
Ethereum co-founder Vitalik Buterin has voiced his support for publicly traded companies holding Ethereum reserves, while stressing that this trend must be managed with caution. Speaking on the Bankless podcast, Buterin said these companies have the potential to make Ether (ETH) accessible to a broader range of investors. However, he warned that the process should not turn into an “overleveraged game” driven by reckless use of leverage.
Offering More Options to Investors
According to Buterin, instead of holding ETH directly, companies investing through reserves can provide more options for investors with varying financial conditions. In recent months, crypto reserve companies have attracted significant attention on Wall Street, purchasing billions of dollars worth of Bitcoin and Ethereum while adopting long-term holding strategies.
The Risk of Excessive Leverage
Buterin cautioned that high leverage could pose serious threats to Ethereum. Sharp price drops in ETH could trigger forced liquidations, causing a chain reaction that undermines the network’s credibility. Referring to the collapse of the Terra project in 2022, he added that he believes current investors possess the discipline needed to avoid such scenarios.
Record Levels in ETH Reserves
Currently, publicly traded companies hold around $11.77 billion worth of ETH. At the top of the list is BitMine Immersion Technologies with 833,100 ETH (approximately $3.2 billion), followed by SharpLink Gaming ($2 billion) and The Ether Machine ($1.34 billion). Ethereum Foundation and PulseChain also rank among the top five holders.
Strong Recovery in 2025
ETH started 2025 at $3,685 before dropping to $1,470 in April. Since then, it has surged by 167%, reaching $3,900. Reserve strategies are seen as a major catalyst for this rebound. With this performance, Ethereum is narrowing the gap with Bitcoin and Solana in the ongoing bull market, regaining investor confidence.
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