New on-chain research from Arkham Intelligence this week shows that the wallet address holding the most ETH ($3,391.73) today is not an individual, not an exchange, not an ETF issuer, but the staking contract that secures Ethereum.

According to Arkham, the ETH2 Beacon Deposit Contract currently holds more than 72.4 million ETH, worth around $252 billion at current market prices, and represents approximately 60% of the total supply.

Ethereum’s Power Center

In terms of individuals, the research firm confirmed that the largest known individual holder of ETH is still Rain Lohmus, the founder of Estonian bank LHV, who bought 250,000 ETH in the 2014 presale for around $75,000. Those coins would now be worth roughly $871 million, but Lohmus does not have access to them because he lost the private keys years ago.

The second largest identifiable individual holder is Ethereum co-founder Vitalik Buterin, who currently holds around 240,000 ETH, worth around $840 million.

Beyond individual wallets, centralized exchanges and institutional entities collectively control some of the largest pools of Ether. Binance, for one, holds approximately 4.09 million ETH, while asset manager BlackRock holds around 3.94 million ETH, largely associated with its iShares Ethereum Trust ETF. Coinbase is the next largest institutional holder, with approximately 3.5 million ETH across multiple addresses, including cold wallets and staking reserves for its cbETH staking token.

Following suit are Upbit, Robinhood, Kraken, OKX, and Bitfinex, which appear among the top institutional holders.

Seized Funds, Stolen Funds, and Layer-2 Bridges

Arkham found that governments also appear on the leaderboard. For instance, the United States government controls around 60,000 ETH, which largely consists of seized criminal funds, including from the Potapenko/Turogin case and from seizures related to the Bitfinex hacker.

Several high-profile hacker wallets remain among large holders, including the wallet controlled by the Gatecoin exploiter, which continues to hold more than 156,000 ETH stolen back in 2016. On the infrastructure side, the Wrapped Ether (WETH ($3,389.29)) contract holds over 2.2 million ETH, representing the supply of WETH minted to make ETH compatible with ERC-20 standards.

The dataset shows that native Layer 2 bridges also account for significant locked ETH, including 833,000 ETH deposited into Arbitrum’s native bridge and around 723,000 ETH deposited into Base’s bridge. Overall, the latest on-chain data identifies staking contracts, exchanges, ETF issuers, bridges, and custody platforms as the largest known entities holding Ether today.

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