Ethereum digital asset treasuries are a brand new narrative, with nearly all of their holdings being acquired over the past few months.
95% of all Ether held by public companies was purchased in the past quarter alone, reported Bitwise on Wednesday.
“Watch this space,” stated the crypto asset manager.
Public corporations added 4.4 million ETH in the third quarter, resulting in a 1,937% increase over the previous one. There are only 27 public companies holding the asset, which totaled $19 billion at the end of the period, it added.
95% of all ETH held by public companies was purchased in the past quarter alone.
Watch this space.
Corporate ETH Adoption, Q3 2025 Edition pic.twitter.com/9hDARuo9vQ
— Bitwise (@BitwiseInvest) October 15, 2025
Major Supply Squeeze
Digital asset treasuries currently hold 5.9 million ETH worth $23.6 billion at current market prices, according to SER. This equates to around 4.9% of the entire supply of the asset, which is around 121 million.
BitMine Immersion Technologies has the lion’s share of the total with 51% or just over 3 million ETH, which puts it halfway toward its target of 5% of the entire supply. It has been buying the dip recently as Ether fell below $4,000 during the weekend liquidation event, and it is still buying. It looks like BitMine just bought another 104,336 ETH worth $417 million, reported Lookonchain on Thursday.
DATs are one of three “supply vacuums” that were not present in previous market cycles, said analyst ‘Crypto Gucci,’ who added that 40% of all Ether was locked and illiquid. It is entering the cycle with “record institutional demand and the smallest liquid float in history,” he said before predicting that prices would “go nuclear.”
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The second supply vacuum is exchange-traded funds, which have scooped up 6.84 million ETH worth $27 billion, equivalent to 5.6% of the total supply. Staking is the third supply vacuum, as 35.7 million ETH remains illiquid due to the length of the exit queue. These three alone account for 48.4 million ETH, or 40% of the total supply.
MASSIVE:$ETH SUPPLY IS EVAPORATING.
$24B HELD BY TREASURIES.
$28B LOCKED IN SPOT ETFS.
$146B STAKED MOST ILLIQUID.
40% OF THE ENTIRE SUPPLY IS GONE FROM CIRCULATION.
THIS IS THE SETUP FOR AN ETHEREUM SUPERCYCLE. pic.twitter.com/gbumlVBrQV
— Merlijn The Trader (@MerlijnTrader) October 15, 2025
ETH Still in Retreat
Despite the clear and obvious institutional demand for the asset, ETH is still in retreat. In a very common pattern these days, buying happens during the Asian trading session, and selling occurs when America wakes up.
ETH fell from $4,200 to below $4,000 again late on Wednesday, but managed to recover to just above it during the Thursday Asian session. The asset has been in a downtrend for the past ten days and is currently 19% below its all-time high.
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