Ethereum lacks a fixed maximum supply like Bitcoin, but the headline circulating supply figure does not reveal how much ETH is genuinely available for immediate trading. Staking, corporate treasuries, exchange-traded products, and long-term custody arrangements are increasingly absorbing ETH that would otherwise circulate through exchanges.
Total Supply Overview
As of September 8, 2026, Ethereum’s total supply stood at approximately 122.02 million ETH, up about 1% from a year earlier.
Over 42 Million ETH Is Staked
Ethereum staking remains one of the largest constraints on readily available supply. Lido’s H1 2026 report showed total staked ETH rising 19%, from 36.3 million at the start of the year to 43.1 million by June 30, including the entry queue and excluding the exit queue. Institutional staking’s share increased from 25.9% to 35.3% during the same period. More recent Beaconcha.in data show approximately 42.99 million ETH currently staked across more than 909,771 active validators.
Staked ETH is not permanently locked — validators can exit — but it is less immediately available for sale than ETH held in liquid wallets, and withdrawals can be delayed when validator exit queues expand.
Exchange ETH Balances Remain a Key Indicator
Centralized exchange balances provide another gauge of how much ETH is positioned for immediate trading. Glassnode currently estimates that approximately 15.65 million ETH are held on identified exchange addresses, slightly below the 15.76 million figure reported earlier in September. This represents roughly 13% of Ethereum’s total supply.
Exchange balances are not a perfect measure of liquidity, as investors can trade through decentralized exchanges, institutional custodians, and over-the-counter markets. Glassnode also warns that recent figures can change as exchange address labels are updated. Still, falling exchange inventory can become critical when demand increases, as fewer tokens may be immediately available to meet buying pressure.
Corporate Treasuries Hold Nearly 8 Million ETH
Corporate accumulation has become another major supply factor. CoinGecko currently tracks 34 public companies holding 7,914,466 ETH, worth roughly USD 19.63 billion and representing about 6.49% of Ethereum’s total supply. BitMine Immersion remains the largest holder with 5,901,112 ETH (about 4.836% of supply). SharpLink holds 868,699 ETH, while The Ether Machine owns 496,712 ETH.
These categories cannot be simply added to staking balances, as some treasury companies also stake portions of their holdings, creating overlap.
ETFs Remove More ETH From Direct Crypto Trading
Exchange-traded products form another source of economically restricted supply. BlackRock’s iShares Ethereum Trust ETF (ETHA) held USD 8.605 billion in net assets as of September 4. Its staking-focused ETHB product held approximately USD 963.7 million and reported a 30-day staking rewards rate of 1.63%. ETF investors can trade shares easily, but the underlying ETH remains in institutional custody rather than constantly circulating through crypto exchanges.
Why Liquid Supply Matters
Lower liquid supply means fewer ETH may be immediately available for sale when demand rises. This can amplify price moves, making staking balances, ETF holdings, and treasury activity increasingly important for investors. While validator withdrawals, ETF flows, or corporate selling can return supply to the market, the current dynamics suggest that a significant share of Ethereum’s 122 million ETH is tied up in staking, corporate treasuries, and investment products.
Frequently Asked Questions
1. How much Ethereum is currently in circulation? Ethereum’s total supply stood at approximately 122.02 million ETH as of September 8, 2026. Unlike Bitcoin, Ethereum does not have a fixed maximum supply.
2. How much ETH is currently staked? Around 42.99 million ETH is currently staked across more than 909,000 active validators. Staked ETH can eventually be withdrawn, but it is less immediately liquid than ETH held on exchanges.
3. How much ETH is held on centralized exchanges? Glassnode estimates that roughly 15.65 million ETH is held on identified centralized exchange addresses. This represents about 13% of Ethereum’s total supply.
4. How much ETH do public companies hold? CoinGecko tracks 34 public companies holding about 7.91 million ETH. BitMine is the largest corporate holder with approximately 5.90 million ETH.
5. Why does Ethereum’s liquid supply matter? Lower liquid supply means fewer ETH may be immediately available for sale when demand rises. This can amplify price moves, although validator withdrawals, ETF flows, or corporate selling can return supply to the market.
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