Ethereum ETFs launched on July 23, 2024—just over a year ago—and their debut wasn’t exactly smooth sailing. At the start, they experienced hefty outflows, largely due to Grayscale’s Ethereum Trust (ETHE) unloading roughly $4.3 billion worth of holdings. Despite the sizable drawdown, ETHE remains the second-largest ETF by ether holdings.

Blackrock’s ETHA fund leads the ETF pack with a towering 3,018,770 ETH stake—worth just over $11.47 billion. Since launching, ETHA has drawn in $9.06 billion in cumulative inflows. Trailing behind, Grayscale’s ETHE product holds 1,129,021.39 ETH, valued at $4.29 billion. Fidelity’s FETH fund claims third place with 684,874.19 ETH, or about $2.6 billion.

Grayscale’s Ethereum Mini Trust tacks on another 666,074.8562 ETH to the tally, adding roughly $2.53 billion in ether. Bitwise‘s ETHW comes next with 138,264.83 ETH ($525.8 million), trailed by Vaneck’s ETHV with 56,748.325 ETH ($215.8 million). Franklin Templeton‘s EZET fund adds another 20,122.61 ETH, worth about $76.5 million.

Among the smaller players, 21shares’ CETH product holds 10,491.06 ETH worth $39.9 million, while Invesco Galaxy’s QETH fund controls 10,074 ETH valued at $38.3 million. Altogether, the nine funds now hold 4.75% of ETH’s total circulating supply of 120,710,561 coins. The recent uptick in ETF inflows coincides with a growing trend of crypto firms adding ETH to their treasuries.

For example, publicly traded Bitmine Immersion Technologies holds 625,000 ETH on its books, while Sharplink Gaming carries 449,276 ETH. Though not ETFs, these firms are seen by some as offering indirect exposure to the second-largest crypto asset by market value. Moreover, as companies continue stacking ETH and ETFs attract fresh inflows, the momentum only fuels additional demand for the asset.

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