Buterin's Sales Shed Light on Complex Distribution of Ethereum Holdings

The recent sales by Vitalik Buterin have raised interest in the distribution of Ethereum holdings among its largest holders. As part of a transparent plan announced in late January to support open-source software, privacy-focused technologies, and wider Ethereum ecosystem development, Buterin has sold about 17,196 ETH worth roughly $34.96 million.

The sales were carried out in smaller batches via CoW Protocol, which helped reduce direct market disruption while keeping transactions visible on-chain. This transparency is significant as it shows that Buterin's sales are not personal cash-outs but rather part of a larger strategy to support the Ethereum ecosystem.

The question of who holds the most ETH in 2026 remains complex and depends on various factors such as whether the comparison is made by smart contract, institution, exchange, government or individual. According to figures cited from CoinCarp, the ETH2 Beacon Deposit Contract is by far the largest holder of Ethereum with over 62 million ETH, worth about $139 billion at the time of the report.

The contract holds validator deposits used to secure the network and represents a significant concentration of ETH in the ecosystem. Centralized entities such as exchanges also dominate the rankings, with Coinbase holding around 4.2 million ETH, Binance around 3.6 million ETH, and Upbit around 1.7 million ETH.

Institutional ownership has expanded in 2026 through ETFs and treasury strategies. BlackRock was cited as holding close to or above 3 million ETH through its iShares Ethereum Trust ETF, placing it among the top financial holders of the asset.