Corporations built 95% of their ETH treasuries in Q3

Most of the ETH in corporate treasuries was accrued in the past ￰0￱ companies for ETH are much younger, and are yet to feel a bear ￰1￱ of the ETH in digital asset treasuries (DATs) accumulated their reserves in the past ￰2￱ initial buying frenzy coincided with stock price rallies. However, the Ethereum DAT model is yet to prove itself during periods of turbulence or a bear ￰3￱ rapid adoption for ETH set the pace for other altcoin treasury companies, though for now BTC and ETH are still leading. 95% of all ETH held by public companies was purchased in the past quarter ￰4￱ this ￰5￱ ETH Adoption, Q3 2025 Edition ￰6￱ — Bitwise (@BitwiseInvest) October 15, 2025 The DAT strategy coincided with Ethereum’s best quarter since 2016, as almost daily buying from high-profile treasuries added to the general market ￰7￱ DAT companies also boosted attempts to recreate the model with other assets, especially SOL and ￰8￱ companies slow down ETH acquisition Public companies now hold 5.9M ETH, and have shown signs that the initial exponential buying is slowing ￰9￱ companies slowed down their ETH buying, with BitMine (BMNR) remaining the leading buyer. |), the current leader with a goal of owning 5% of the ETH ￰10￱ added another 202K ETH on October 11, and the space has been silent since ￰11￱ latest round of market turbulence, which put ETH just above $4,000, also added to the overall slowdown in treasury-building, as the crypto market showed signs of ￰12￱ DAT companies bought up seven times more ETH compared to the new tokens issued for that ￰13￱ buying added to the overall accumulation and supply ￰14￱ total, 14 public companies emerged with ETH treasuries, each using a ‘playbook’ to boost its ability to raise ￰15￱ BTC treasury companies, almost no entities are buying ETH just for exposure.

Additionally, some of the treasuries come from old ICO reserves, as the companies are keeping their ￰16￱ three ETH treasury companies trade above asset value Ethereum DAT companies traded only briefly at multiples of their net asset ￰17￱ mNAV metric fell for most of the companies, as only three are trading above 1.0 ￰18￱ is one of the most active buyers, as most other entities stopped their ETH acquisitions in September. |