The corporate ethereum landscape just hit a new milestone. Sixty-seven companies are now stashing 6.81 million ETH in their vaults—that's enough to edge out the 6.20 million ETH locked inside Ethereum ETFs. What's striking here isn't just the numbers themselves, but what they signal: major institutions are bypassing traditional fund structures entirely and building direct reserves instead. This shift underscores a growing confidence in Ethereum as a long-term strategic asset, and it's happening outside the institutional fund ecosystem we usually track. The accumulation trend keeps gaining momentum.