Ether Treasuries See Rapid Growth as Digital Asset Firms Scale Allocations
24 September 2025
Ether (ETH) is increasingly being embraced as a treasury asset, with digital asset treasuries (DATs) deploying substantial allocations, creating structural demand that outpaces new supply, according to a report from Bitwise Asset Management.
Once largely Bitcoin-centric, DATs are now actively 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 appeal is bolstered by real yield from transaction fees and maximal extractable value (MEV), reinforcing its scarcity narrative.
Bitwise highlights that the largest five treasuries reflect a mix of strategies, including corporate accumulation, staking, and foundations divesting ETH to fund ecosystem initiatives. This underscores Ether’s dual function as both a reserve asset and a yield-generating instrument.
Looking ahead, Bitwise expects the market to consolidate, with “mega whale” and “whale” DATs increasingly dominating flows.
Ether is carving out a distinctive role—not just as a speculative hedge, but as a programmable treasury asset connecting corporate finance with on-chain economic activity, the report added.
Separately, BitMine Immersion Technologies (BMNR), chaired by Tom Lee, disclosed that it now controls over 2% of Ether’s supply and has raised $365 million to expand its holdings further.
