Ether Treasuries Expand as Digital Asset Firms Drive Structural Demand
24 September 2025
Ether (ETH) is rapidly gaining traction as a treasury asset, with digital asset treasuries (DATs) scaling allocations and generating structural demand that exceeds new supply, according to a report by Bitwise Asset Management.
Traditionally Bitcoin-focused, DATs are increasingly adding Ether to their reserves. “ETH treasuries are no longer a side story. They are becoming a structural pillar in crypto’s capital markets,” said Bitwise analyst Max Shannon.
The report notes that Ether’s attractiveness is reinforced by real yield from transaction fees and maximal extractable value (MEV), strengthening its scarcity narrative.
Bitwise highlights that the largest five treasuries employ a range of strategies—from corporate accumulation and staking to foundations divesting ETH to fund ecosystem development—demonstrating Ether’s dual role as a reserve asset and a yield-bearing instrument.
Looking ahead, the firm expects consolidation in the sector, with “mega whale” and “whale” DATs likely to dominate capital flows.
Ether is establishing a distinct position—not only as a hedge or speculative asset but as a programmable treasury asset linking corporate finance with on-chain economic activity, the report added.
Separately, BitMine Immersion Technologies (BMNR), chaired by Tom Lee, announced it now controls more than 2% of Ether’s supply and has raised $365 million to expand its holdings further.
