Table of Contents
How Much $ETH Is Locked in Staking?Which Exchanges Hold the Most $ETH?Where Does Institutional Money Fit In?What About Layer 2 Bridges and Smart Contracts?How Much $ETH Do Early Holders Still Own?What About Seized and Stolen Funds?What Does This Mean for the Market?
The single largest Ethereum “holder” is not a person or a company. It is the network itself. The ETH2 Beacon Deposit Contract holds over 80.8 million $ETH, roughly two-thirds of total supply, locked up to secure proof-of-stake consensus. Behind it, a mix of centralized exchanges, asset managers, and Layer 2 bridges round out the top of the list. Using Arkham Intelligence’s live entity tracker, pulled February 12, 2026, combined with their January research report for added context, here is exactly who owns what and what it tells us about Ethereum’s current state.
All USD values reflect $ETH price at time of data pull. On-chain holdings shift constantly.
How Much $ETH Is Locked in Staking?
The total $ETH supply sits at approximately 120.7 million. Of that, the Beacon Deposit Contract currently holds 80,857,848 $ETH, worth roughly $160.4 billion at around $1,983 per $ETH. That represents about 67% of all $ETH in existence.
Every $ETH staked is one less $ETH circulating on exchanges, which has direct implications for liquidity and price pressure. Staking dominance has been steadily climbing, up from the 63.2% Arkham reported in mid-January.
Which Exchanges Hold the Most $ETH?
Centralized exchanges dominate the non-staking rankings. These figures include customer deposits and staking services, so the $ETH is not all exchange-owned, but the platforms control the keys.
- Binance: 3,669,772 $ETH (~3.04% of supply), $7.28 billion
- Coinbase: 2,939,208 $ETH (~2.43%), $5.83 billion
- Upbit: 1,642,747 $ETH (~1.36%), $3.26 billion
- Robinhood: 1,568,882 $ETH (~1.30%), $3.11 billion
- OKX: 1,125,582 $ETH (~0.93%), $2.23 billion
- Kraken: 995,384 $ETH (~0.82%), $1.97 billion
- Bitfinex: 825,480 $ETH (~0.68%), $1.64 billion
- Gemini: 537,876 $ETH (~0.45%), $1.07 billion
- Bybit: 342,756 $ETH (~0.28%), $679.9 million
- Bithumb: 286,021 $ETH (~0.24%), $567.4 million
- Bitstamp: 250,947 $ETH (~0.21%), $497.8 million
- Crypto.com: 243,134 $ETH (~0.20%), $482.3 million
- Deribit: 229,669 $ETH (~0.19%), $455.6 million
- Revolut: 213,102 $ETH (~0.18%), $422.7 million
- Bitget: 208,664 $ETH (~0.17%), $413.9 million
- DBS Bank: 192,241 $ETH (~0.16%), $381.4 million
- HashKey Exchange: 176,263 $ETH (~0.15%), $349.7 million
- Gate: 156,542 $ETH (~0.13%), $310.5 million
- KuCoin: 104,805 $ETH (~0.09%), $207.9 million
- Bitbank: 99,907 $ETH (~0.08%), $198.2 million
Between them, these twenty exchanges and platforms hold over 15.6 million $ETH, roughly 12.9% of the total supply. Three names stand out beyond the usual crypto exchanges: Robinhood, the stock trading app turned crypto heavyweight at 1.57 million $ETH; DBS Bank, Singapore’s largest bank; and Revolut, the UK-based fintech. All three signal that traditional finance’s involvement in $ETH goes well beyond just ETFs.
Where Does Institutional Money Fit In?
BlackRock ranks third overall with 3,175,267 $ETH (~2.63% of supply), valued at $6.3 billion. Those holdings back the iShares Ethereum Trust ETF (ETHA) and remain one of the clearest signals that traditional finance is deeply embedded in the Ethereum ecosystem. Recent weeks have seen net outflows from $ETH ETFs, including ETHA, amid broader market volatility.
- BlackRock: 3,175,267 $ETH (~2.63%), $6.3 billion (iShares Ethereum Trust ETF)
- Bitmine (BitMNR/Fundstrat): 1,037,634 $ETH (~0.86%), $2.06 billion. Led by Tom Lee, the company has publicly targeted 5% of total supply.
- Grayscale: 464,753 $ETH (~0.39%), $921.9 million
- Fidelity Custody: 178,733 $ETH (~0.15%), $354.6 million
- Bitwise: 161,582 $ETH (~0.13%), $320.5 million
- Purpose Investments: 107,884 $ETH (~0.09%), $214.0 million
Arkham’s live tracker shows 1,037,634 $ETH under the Bitmine entity label, well below the 2.85 million attributed in January. The gap is not a sell-off. Company disclosures and on-chain data confirm total holdings around 4.3 million $ETH as of early February, with roughly 3 million now staked. Arkham’s entity tracker reclassifies staked $ETH under validator and Beacon-related labels rather than the original corporate entity, which accounts for the discrepancy.
The Ethereum Foundation itself holds 172,374 $ETH (~$341.9 million), a relatively modest treasury for the organization behind the network.
What About Layer 2 Bridges and Smart Contracts?
Layer 2 scaling solutions and smart contracts lock up significant $ETH outside of exchange and institutional hands.
- Wrapped Ether (WETH) contract: 2,098,480 $ETH (~1.74%), $4.16 billion
- Arbitrum Bridge: 894,366 $ETH (~0.74%), $1.77 billion
- Base Bridge (Coinbase L2): 801,862 $ETH (~0.66%), $1.59 billion
- Polkadot: 306,277 $ETH (~0.25%), $607.6 million
- Optimism: 245,976 $ETH (~0.20%), $488.0 million
- Polygon: 113,469 $ETH (~0.09%), $228.0 million
Combined, these protocol-level holders account for over 4.4 million $ETH, reflecting how much value now flows through Ethereum’s scaling and interoperability infrastructure.
How Much $ETH Do Early Holders Still Own?
Individual holdings sit well below institutional levels but carry historical weight.
- Rain Lohmus (pre-sale investor): 250,000 $ETH (~$495.9 million). Inaccessible due to lost private keys, making this a permanent removal from the circulating supply.
- Vitalik Buterin (co-founder): 224,105 $ETH (~$444.6 million). Actively used for donations and ecosystem support.
Combined, Ethereum’s most prominent individual holders control less $ETH than a single mid-tier exchange.
What About Seized and Stolen Funds?
Not every large holder earned their stack. Arkham’s entity tracking surfaces several wallets tied to criminal activity and defunct platforms.
- QuadrigaCX: 236,349 $ETH (~$468.9 million). The collapsed Canadian exchange’s funds remain on-chain.
- Tornado.Cash: 225,688 $ETH (~$447.7 million). The sanctioned mixing protocol still holds significant $ETH despite regulatory action.
- Gatecoin Hacker: 156,229 $ETH (~$309.9 million). Stolen funds sitting in identified wallets.
- Multisig Exploit Hacker: 102,246 $ETH (~$202.8 million).
These wallets hold over 720,000 $ETH that currently sit unmoved, but none of it is permanently locked. Whoever controls the keys could move these funds at any time, and legal proceedings could eventually redistribute some of them.
What Does This Mean for the Market?
The concentration of $ETH in staking, exchanges, and institutional treasuries indicates a maturing network but also raises questions about centralization. When a handful of exchanges and one asset manager control billions in $ETH, their decisions on staking, withdrawals, and liquidations carry outsized market impact.
With staking participation still climbing, Layer 2 bridges absorbing more $ETH, and hundreds of thousands of tokens tied up in hacked or defunct wallets, circulating supply continues to tighten from multiple directions. For traders and holders, tracking these flows through on-chain tools is worth the effort.
For the full breakdown, visitArkham Intelligence.
Sources:
- Arkham Intelligence Research Report Entity-grouped analysis of top $ETH holders, based on on-chain data and AI predictions, dated January 13, 2026
- Arkham Intel Explorer – Ethereum Live entity-level $ETH holder rankings with real-time on-chain tracking
- Etherscan Beacon Deposit Contract Real-time data on ETH2 staking deposits and total supply metrics
