Bitwise: Ether Treasuries Are Becoming a Mainstream Crypto Investment

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

Ether (ETH) is increasingly being adopted as a treasury asset, with digital asset treasuries (DATs) allocating at scale, generating structural demand that outpaces new supply, according to Bitwise Asset Management.

Historically focused on Bitcoin, DATs are now expanding Ether holdings. “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 highlights that Ether’s appeal is reinforced by real yield from transaction fees and maximal extractable value (MEV), supporting its scarcity narrative.

Bitwise noted that the largest five DATs employ diverse strategies, including corporate accumulation, staking, and foundations divesting ETH to fund ecosystem initiatives. This underscores Ether’s dual role as both a reserve asset and a yield-generating instrument.

Looking forward, Bitwise expects market consolidation, with “mega whale” and “whale” DATs likely to dominate capital flows.

Ether is carving out a distinct 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, said it now controls more than 2% of Ether’s supply and has raised $365 million to expand its holdings.