Ethereum’s Largest Holder: Staking Contract Controls 60% of ETH

The ETH2 Beacon Deposit Contract’s staggering 72.4 million ETH holding represents more than just a statistical anomaly—it embodies Ethereum’s successful transition to proof-of-stake consensus. This contract, which serves as the foundation for Ethereum’s staking ecosystem, has accumulated its massive position through millions of individual and institutional deposits seeking staking rewards. At current market valuations, this single contract controls assets worth $252 billion, making it one of the largest financial instruments in the cryptocurrency space.

The concentration of 60% of Ethereum’s total supply within this single contract underscores the network’s security model, where validators must lock substantial amounts of ETH to participate in block validation. This massive stake provides economic security for the network while simultaneously removing a significant portion of circulating supply from active trading markets. The scale of this holding dwarfs all other entities, including major exchanges and institutional investors, highlighting how Ethereum’s fundamental mechanics have created its own largest stakeholder.

Among individual holders, the landscape reveals both remarkable success stories and cautionary tales. Rain Lohmus, founder of Estonian bank LHV, remains the largest known individual holder with 250,000 ETH purchased during Ethereum’s 2014 presale for approximately $75,000. Despite the current valuation of roughly $871 million, Lohmus cannot access his fortune, having lost the private keys years ago—a stark reminder of cryptocurrency’s unforgiving nature when it comes to security.

Ethereum co-founder Vitalik Buterin holds the second-largest individual position with approximately 240,000 ETH worth around $840 million. Buterin’s continued substantial holding demonstrates his ongoing commitment to the network he helped create. The contrast between these two largest individual positions—one inaccessible and one actively managed—illustrates the diverse relationships even prominent figures maintain with their cryptocurrency assets.

Beyond the staking contract, centralized exchanges and traditional financial institutions represent the next tier of major Ethereum holders. Binance leads this category with approximately 4.09 million ETH, reflecting its position as the world’s largest cryptocurrency exchange by trading volume. Close behind, asset management giant BlackRock holds around 3.94 million ETH, primarily through its iShares Ethereum Trust ETF, signaling traditional finance’s growing embrace of cryptocurrency exposure.

Coinbase follows with approximately 3.5 million ETH distributed across multiple addresses, including cold storage wallets and reserves for its cbETH staking token. The exchange’s substantial holding reflects both its custody services and staking operations. Other major exchange holders include Upbit, Robinhood, Kraken, OKX, and Bitfinex, collectively controlling millions of additional ETH and demonstrating how exchanges have become critical infrastructure nodes in the Ethereum ecosystem.

Government entities have emerged as significant Ethereum holders through law enforcement actions. The United States government controls approximately 60,000 ETH, primarily consisting of seized criminal funds from cases including the Potapenko/Turogin investigation and seizures related to the Bitfinex hacker. These government-held assets represent a growing trend of cryptocurrency becoming part of national treasuries through regulatory and enforcement activities.

On the infrastructure side, the Wrapped Ether (WETH) contract holds over 2.2 million ETH, representing the supply minted to make Ethereum compatible with ERC-20 standards for decentralized applications. Layer-2 scaling solutions also account for substantial locked value, with Arbitrum’s native bridge holding 833,000 ETH and Base’s bridge containing approximately 723,000 ETH. These infrastructure holdings highlight how Ethereum’s ecosystem extends beyond simple ownership to include critical components that enable the network’s functionality and scalability.

The Arkham Intelligence data reveals several high-profile hacker wallets among large holders, including the Gatecoin exploiter who continues to hold more than 156,000 ETH stolen in 2016. These illicit holdings, combined with legitimate infrastructure and institutional positions, paint a comprehensive picture of Ethereum’s diverse ownership landscape—from criminal proceeds to foundational staking contracts that secure the network’s future.