Share this article
Ether Treasuries Are Going Mainstream: Crypto Investment Firm Bitwise
Digital asset treasuries are now allocating to ether at scale, creating structural demand that exceeds new supply, the report said.
Sep 24, 2025, 3:28 p.m.
Make us preferred on Google
What to know:
- Bitwise said digital asset treasuries (DATs) are driving ether demand beyond new supply, boosted by fees and maximal extractable value (MEV).
- Big DATs may dominate, cementing ether as a programmable treasury asset, the asset manager said.
Bitwise Asset Management says ether is rapidly cementing its place as a treasury asset.
Digital asset treasuries (DATs), once largely bitcoin-centric, are now allocating to ether at scale, creating structural demand that exceeds net new supply, the firm said in a Monday report.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"ETH treasuries are no longer a side story. They are becoming a structural pillar in crypto's capital markets," analyst Max Shannon wrote.
According to Bitwise, that demand is reinforced by real yield from transaction fees and maximal extractable value (MEV), which deepens ether's scarcity narrative.
The largest five treasuries, the firm says, reflect a diverse set of strategies, from corporate accumulation and staking to foundations divesting ether to fund ecosystem development.
This diversity highlights the cryptocurrency's dual identity as both a reserve asset and a productive, yield-bearing instrument, the report said.
Looking forward, Bitwise expects the landscape to consolidate, with “mega whale” and “whale” DATs dominating flows.
Ether is carving out a distinctive role, not just as a hedge or speculative play, but as a programmable treasury asset that links corporate finance with on-chain economics, the report added.
BitMine Immersion Technologies (BMNR), chaired by Tom Lee, said on Monday that it now controls more than 2% of ether's supply and has raised $365 million to expand its holdings.
Read more: Tom Lee’s BitMine Sells Stock at $70 to Raise Additional $365M for ETH Treasury
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
Top Stories
