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.