Ether Treasuries Scale Up as Digital Asset Firms Drive Structural Demand
24 September 2025
Ether (ETH) is increasingly being adopted as a treasury asset, as digital asset treasuries expand allocations, creating structural demand that surpasses new supply, according to a report from Bitwise Asset Management.
Historically Bitcoin-focused, digital asset treasuries (DATs) are now deploying significant holdings into Ether. “ETH treasuries are no longer a side story. They are becoming a structural pillar in crypto’s capital markets,” noted Bitwise analyst Max Shannon.
Bitwise highlights that Ether’s appeal is reinforced by real yield from transaction fees and maximal extractable value (MEV), supporting the cryptocurrency’s scarcity narrative.
The firm observed that the largest five DATs employ varied strategies—from corporate accumulation and staking to foundations divesting ETH to fund ecosystem development—demonstrating Ether’s dual role as both a reserve asset and a yield-bearing instrument.
Looking forward, Bitwise expects the market to consolidate, with “mega whale” and “whale” DATs dominating flows.
Ether is establishing a unique role—not just as a speculative hedge, but as a programmable treasury asset that links corporate finance with on-chain economic activity, the report added.
In a related development, BitMine Immersion Technologies (BMNR), chaired by Tom Lee, said it now controls more than 2% of Ether’s supply and has raised $365 million to expand its holdings further.
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