The landscape for Ethereum treasury accumulation is starting to fracture. While the summer saw aggressive buying from digital-asset treasuries, that momentum has quickly evaporated for most firms — even as a few deep-pocketed players accelerate their strategies and move toward historic levels of ETH ownership.
Key Takeaways
Ether-focused corporate treasuries have sharply reduced their purchases since August.
BitMine is moving in the opposite direction, accumulating enormous amounts of ETH as it targets 5% of the supply.
New financing models such as Republic’s zero-interest convertible notes highlight changing strategies in corporate ETH accumulation.
Fresh research from Bitwise shows just how dramatic the shift has been. After a wave of accumulation earlier in the year, overall monthly buying has thinned out, with treasury desks that once soaked up millions of ETH now almost entirely stepping back. Bitwise analyst Max Shennon described the downturn as an ongoing “DAT bear,” pointing to a decisive retreat from the frenzy seen in August.
ETH DAT bear continues. pic.twitter.com/5YhOwqTICd
— Max Shannon (@cornMaxy) December 2, 2025
BitMine Goes on the Offensive
One company, however, is ignoring the broader pullback. BitMine Immersion Technologies has embarked on one of the most aggressive accumulation campaigns in Ethereum’s history. In the span of a month, BitMine added roughly 679,000 ETH to its reserves — more than $2.1 billion at current market prices — putting it past the halfway mark toward its stated goal of holding 5% of Ethereum’s total supply.
Data aggregated by Strategicethreserve suggests BitMine is not even close to done. The firm reportedly still holds nearly $900 million in cash, money that can be deployed to continue its accumulation if market conditions allow.
New Capital Structures Are Shaping the Treasury Market
Beyond direct buying, another trend is emerging: companies raising funding specifically earmarked for future ETH acquisition. Earlier in November, Republic Technologies — previously Beyond Medical Technologies — secured $100 million through a convertible note offering designed entirely around Ether accumulation.
The structure of the deal stood out. With no interest rate, no collateral triggers, and no ongoing debt servicing costs, the financing shields Republic from many of the risks that typically sink smaller digital-asset treasuries when markets turn volatile.
Even with a steep pullback in aggregate treasury activity, public-market sentiment toward ETH-centric DATs showed signs of life this week. EthZilla (ETHZ) rallied more than 12%, while BitMine’s stock climbed over 10%, according to data from Google Finance. The surge came as Ether traded near the $3,100 region, offering a moment of stability after recent market fluctuations.
