Bitmine leads ETH accumulation as treasuries near 5% supply

ETH treasuries may be the most impactful reserves, as corporate buying holds nearly 5% of the total supply. ETH may not only provide passive income, but also governance rights to DAT companies.

Digital asset treasuries (DAT) that accumulate ETH may be the most impactful entities. Toward the end of 2025, DAT companies hold nearly 5% of the ETH supply, a much higher share compared to other types of treasuries.

ETH treasuries are growing more slowly, but may become highly influential as the tokens are used for liquid staking. | Source: Strategic ETH reserve

The treasuries control 4.7% of the supply, with more growth expected in the coming months. Around 70% of that supply is in the reserves of Bitmine (BMNR). The leading treasury itself aims to hold 5% of all ETH in circulation.

Bitmine remains the key ETH reserve buyer

Bitmine remains the most regular buyer in the past few weeks. The company logged five significant ETH purchases in the past month, expanding its treasury by 13.2%.

At the same time, legacy treasuries are being sold. Status, a company that held one of the biggest ICOs in 2017, sold 6.2% of its treasury, though still retaining 11.2K ETH.

Bitmine now holds some of the biggest concentrated treasuries of ETH, or around 3.78% of the supply. The treasury company is ahead of exchange and whale wallets when it comes to staking, liquid staking, or other wrapped forms of ETH.

For now, Bitmine holds the ETH passively, but the company recently shared that staking may begin in 2026. Bitmine shared plans to build a US-focused staking network, running a high-profile validator. As a validator, Bitmine may draw in an even bigger stake of ETH under its influence.

Solana stakers may form a similar set of validators, though at a smaller scale compared to ETH. Validators can then gain influence and offer additional passive income.

Unlike other treasuries, ETH and SOL treasuries will have utility, while also supporting network security.

ETH crashes below $3,000 as market remains fearful

ETH is one of the least volatile treasury assets. Despite this, in the short term, ETH is pressured by selling and bearish expectations.

After the latest week of market weakness, ETH dipped under $3,000 again in the past few days. The token sank to a one-week low of $2,942.40.

Despite accumulation by whales, ETH is also feeling selling pressure from ETFs, as well as older holders. Recently, BlackRock deposited over $220M in ETH to Coinbase Prime, potentially adding to the selling pressure.

Another large-scale whale fully exited his spot position of over 10K ETH. The selling offset the most recent Bitmine addition of $140M in ETH purchases. While buying the dip shows long-term confidence, in the short term, sellers are capable of crashing the price and causing liquidations. ETH still trades with a fearful sentiment, as crypto use cases and utility are getting re-evaluated.