Ether Treasuries Gain Traction as Digital Asset Firms Scale Allocations
24 September 2025

Ether (ETH) is rapidly establishing itself as a treasury asset, as digital asset treasuries increasingly allocate to the cryptocurrency, creating structural demand that exceeds new supply, according to a report from Bitwise Asset Management.

Once predominantly Bitcoin-centric, digital asset treasuries (DATs) are now deploying significant portions of their holdings into Ether. “ETH treasuries are no longer a side story. They are becoming a structural pillar in crypto’s capital markets,” wrote Bitwise analyst Max Shannon.

Bitwise highlights that demand is reinforced by real yield from transaction fees and maximal extractable value (MEV), strengthening Ether’s scarcity narrative.

The firm notes that the largest five treasuries employ diverse strategies, ranging from corporate accumulation and staking to foundations divesting ETH to fund ecosystem development. This mix demonstrates Ether’s dual role as both a reserve asset and a productive, yield-generating instrument.

Looking ahead, Bitwise anticipates market consolidation, with “mega whale” and “whale” DATs likely dominating capital flows.

Ether is carving out a distinctive position—not merely as a hedge or speculative play, 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, said on Monday that it now controls over 2% of Ether’s supply and has raised $365 million to expand its holdings further.