Small heat shock proteins (sHsps), including ␣-crystallin, represent a conserved and ubiquitous family of proteins. They form large oligomers, ranging in size from 140 to more than 800 kDa, which seem to be important for the interaction with non-native proteins as molecular chaperones. Here we analyzed the stability and oligomeric structure of murine Hsp25 and its correlation with function. Upon unfolding, the tertiary and quaternary structure of Hsp25 is rapidly lost, whereas the secondary structure remains remarkably stable. Unfolding is completely reversible, leading to native hexadecameric structures. These oligomers are in a concentration-dependent equilibrium with tetramers and dimers, indicating that tetramers assembled from dimers represent the basic building blocks of Hsp25 oligomers. At high temperatures, the Hsp25 complexes increase in molecular mass, consistent with the appearance of "heat shock granules" in vivo after heat treatment. This high molecular mass "heat shock form" of Hsp25 is in a slow equilibrium with hexadecameric Hsp25. Thus, it does not represent an off-pathway reaction. Interestingly, the heat shock form exhibits unchanged chaperone activity even after incubation at 80°C. We conclude that Hsp25 is a dynamic tetramer of tetramers with a unique ability to refold and reassemble into its active quaternary structure after denaturation. So-called heat shock granules, which have been reported to appear in response to stress, seem to represent a novel functional species of Hsp25.Small heat shock proteins (sHsps), 1 exhibiting a monomeric molecular mass of 9 -42 kDa, are expressed in all organisms investigated so far. Because of functional as well as structural homologies, ␣-crystallin, a major mammalian eye lens protein, which is also expressed in non-lenticular tissue, is a member of this protein family (1-4). Although the overall homology between different sHsps is rather low, they are grouped together based on conserved sequences in the C-terminal half of the protein and short, conserved, phenylalanine-rich stretches near the N terminus of the protein (5, 6). Mammalian sHsps are expressed constitutively even under physiological conditions. However, stress factors such as heat shock induce a strong up-regulation of protein levels by 10 -20-fold to maximum concentrations of 0.1% of the cellular protein (7, 8). Overexpression of different mammalian sHsps increases cellular thermoresistance significantly (9, 10). Furthermore, sHsps have been suggested to function in different, seemingly unrelated processes like RNA stabilization (11), interaction with the cytoskeleton (12, 13), or apoptosis (14). Interestingly, sHsps are also overexpressed in several cancers and neurodegenerative diseases like Alzheimer's disease or multiple sclerosis (15-17). In plants, five different classes of sHsps have been identified, which are partly localized in organella (8,18).In vitro sHsps act as molecular chaperones in preventing unfolded proteins from irreversible aggregation (3,4,19) and, in cooperation with o...