Ether's 5% drop cut about $956 million from the 8.1 million ETH that public companies hold
CoinGecko lists 35 public companies with ether on their books, 32 with a balance. BitMine holds 74% of it, and 14 of the 15 firms with a listed cost are below it.
Key points
- Public companies on CoinGecko's list hold 8,138,081 ETH worth $17.27 billion, CoinGecko data showed at 6:40 a.m. ET on November 9, 2026.
- Ether fell 5.2% in 24 hours to $2,120.55. At the same holdings, that is about $956 million less than a day earlier.
- Of the 15 companies with a cost basis on CoinGecko, 14 are below it. Bit Digital is about $114 million under.
A day's drop on the books
Ether was the weak spot of Monday's market. It traded at $2,120.55 at about 6:40 a.m. ET on November 9, 2026, down 5.2% in 24 hours, while bitcoin lost 1.8%, per CoinGecko.
A treasury company is a listed firm that buys a coin and keeps it on its balance sheet, so its book value rises and falls with the price. The drop hits those companies that hold ether as a treasury asset. CoinGecko's public treasury data lists 35 of them, 32 with a balance, holding 8,138,081 ETH, worth $17.27 billion, or 6.66% of ether's market value by CoinGecko's count. At the same holdings and ether's 24-hour drop, the pile was worth about $956 million more a day earlier.
One company holds three quarters
BitMine Immersion holds 6,060,506 ETH, worth $12.86 billion, or 74% of everything CoinGecko tracks for companies and 4.96% of all ether. SharpLink follows with 888,938 ETH ($1.89 billion) and The Ether Machine with 496,712 ETH ($1.05 billion). CoinGecko lists no cost basis for those three, so their gain or loss is not shown. Next come Bit Digital with 158,462 ETH and Coinbase with 152,649 ETH.
Most known buyers are below cost
Fifteen companies do have a cost listed. Together they paid $1.40 billion for 541,675 ETH now worth $1.15 billion, and 14 of the 15 are underwater. Bit Digital paid $2,842 per ether on average and sits about $114 million below cost. FG Nexus, at $3,934 a coin, is about $73 million under; BTCS about $65 million; Coinbase, at $2,269, about $22 million. Only Galaxy Digital is above cost, by about $49 million.
Ether has fallen about 15% in a month, from $2,504 on October 11, in CoinGecko's daily prices.
Ether treasuries below cost
US$ million
Source: CoinGecko public treasury data, 6:40 a.m. ET, November 9, 2026
What the numbers do not show
CoinGecko builds these lists from company reports, which can lag. The $956 million is a paper change at unchanged holdings, not sales. Some firms stake their ether or hold it through other products, which this data does not split out.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the concentration is the key fact: with three quarters of tracked corporate ether in one company, BitMine's choices weigh more than all the others together.
- Most firms with a published cost bought above today's price, so a long stretch near $2,100 would keep their books in the red.
What's next
- BitMine's next holdings update and whether CoinGecko adds its cost basis
- Ether versus $2,269, Coinbase's listed average cost
- Any change in the 35-company total on CoinGecko
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
