Digital asset treasuries are now allocating to ether at scale, creating structural demand that exceeds new supply, the report said.
BitMine disclosed holdings of 2.4 million ETH and raised $365 million in a premium stock sale, highlighting investor demand for ether exposure through public markets.
The firm's $214 million stake in Worldcoin-linked Eightco highlights its first equity "moonshot" alongside growing ETH reserves.
With this latest acquisition, BitMine holds a total of 2,126,018 ETH worth nearly $9.3 billion, according to Onchain Lens.
The repurchase happened as the firm's stock price fell below the net asset value of its underlying ether holdings.
BMNR also announced a $20 million investment in Eightco Holdings (OCTO), which plans to hold worldcoin (WLD) as its primary treasury asset.
Nasdaq is increasing oversight of companies seeking to raise money to buy cryptocurrencies as over firms eye more than $98 billion for DATs.
Yunfeng joins companies including SharpLink Gaming and Bitmine Immersion Technologies that have begun pursuing an ether treasury strategy in recent months.
Berns’ commitment brings company's ETH holdings to over $2.1 billion as it prepares to go public via a merger later this year.
Led by Tom Lee, the company aims to control 5% of ether's supply, positioning itself as the largest listed ETH treasury firm.
Bitmine is one of the largest corporate holders of ether, having purchased over 1.7 million ETH, worth just under $8 billion at current prices.
The firm said it has roughly $200 million in untapped cash for further ETH acquisitions.
Since the beginning of June, ether treasury companies and ETH ETFs have purchased a massive 4.9% of the crypto's circulation, the bank's Geoff Kendrick said.
The company now holds 102,237 ether worth about $489 million.
The firm's crypto and cash holdings rose to nearly $9 billion at one point Sunday prior to the plunge in crypto prices.
With ETH near record highs and Tom Lee eyeing $15,000 by the end of this year, investors weigh exposure through direct tokens, spot ETFs or corporate treasuries.
SharpLink said it will make the repurchases at a time and in amounts depending on the market conditions and share price.
The bank said ether holdings in both exchange-traded funds and corporate treasuries could rise further.
Ethereum is undergoing a correction after weeks of strong momentum, but institutional adoption is quietly reshaping the market’s long-term dynamics. According to CryptoQuant, the popular “Crypto Treasury Strategy,” long associated with Bitcoin, has now entered the Ethereum ecosystem. Over 16 companies have already adopted this approach, collectively holding 2,455,943 ETH worth nearly $11.0 billion. This significant allocation has effectively locked away a sizable portion of ETH, reducing available supply on the open market. Related Reading: Ethereum Faces Historic Short Interest: Rally Could Trigger Massive Liquidations The treasury movement mirrors Bitcoin’s playbook, where corporations strategically accumulated BTC as a reserve asset. However, Ethereum presents important differences. Unlike Bitcoin’s hard-capped supply of 21 million, ETH has no fixed maximum. Instead, its supply dynamics are shaped by network activity and the burn mechanism introduced with EIP-1559. While these mechanics can create deflationary periods, Ethereum’s total supply still increased by about 1 million ETH (~0.9%) over the last year. This duality presents both opportunity and risk. On one hand, institutional holdings reduce liquid supply and reinforce Ethereum’s role as a strategic asset. On the other hand, variable issuance means that during periods of low network activity, supply growth could accelerate, diluting scarcity effects. As Ethereum tests key demand levels, the treasury strategy may prove pivotal in shaping its next major trend. Ethereum: Treasury Concentration And Leverage Risks According to CryptoQuant’s analysis, Ethereum’s recent treasury adoption trend carries both opportunities and risks. On one hand, institutional treasuries have locked away billions in ETH, reducing available supply on the market. However, the structure of these holdings also presents concentration risks. For example, BitMine Immersion Technologies, which has openly stated its goal of controlling 5% of all ETH, currently holds just 0.7%. The next largest holder, SharpLink Gaming, manages only 0.6%. This means treasury adoption is still concentrated among a few players. If one or two large holders were to offload their reserves, the market could face sharp price shocks. Beyond spot accumulation, leverage is another growing factor. CryptoQuant highlights that ETH futures open interest has climbed to around $38 billion. This level of leverage means that large swings in price can trigger cascading liquidations. In crypto markets, leverage is synonymous with volatility. The fragility of this setup was evident on August 14, when a wipeout of just $2 billion in open interest led to $290 million in forced liquidations and a 7% drop in ETH’s price. This event underlines how quickly things can spiral when liquidity is thin and leverage is high. Spot selling alone isn’t driving volatility—leveraged positions magnify every move. In this context, Ethereum’s treasury adoption may secure long-term demand, but concentrated holdings and growing leverage remain key vulnerabilities. Related Reading: Bitcoin Short-Term Holders Flip To Losses For First Time Since January ETH Testing Critical Liquidity Levels Ethereum’s price action on the 3-day chart shows that after rallying to a local high near $4,790, ETH entered a correction phase but remains well above key moving averages. Currently trading around $4,227, the price has retraced from its peak but is still holding the broader bullish structure. The 50-day SMA ($2,687), 100-day SMA ($2,838), and 200-day SMA ($2,912) are all trending upward, reflecting strong underlying momentum. Importantly, ETH is trading significantly above these long-term averages, confirming that the bullish trend remains intact despite the pullback. The strong bounce from below $3,000 earlier in the summer marked a decisive reversal after months of consolidation, setting the foundation for the latest breakout. Related Reading: Ethereum Hits $4,350 Liquidity Pool: Can Demand Hold? If bulls manage to hold the $4,200–$4,100 support zone, ETH could retest resistance near $4,790 and potentially move into price discovery. Conversely, failure to maintain this level could see a retest of the $3,800–$3,600 range. The coming sessions will be critical in confirming whether Ethereum resumes its uptrend or enters a deeper correction. Featured image from Dall-E, chart from TradingView
The firm said it bought 143,593 ether last week, bringing total holdings to 740,760 tokens.
Shareholders can opt for a $0.05 per share in ETH or cash dividend plus a $0.35 reward for moving shares to book entry for at least 120 days.
The Tom Lee-led firm increased its ether stash to 1.5 million tokens last week, up from 1.15 million.
The crypto rally continues to quickly reverse course just two days after bitcoin surged to a new record and ether soared to a five-year high.
The company already owned about $5 billion worth of the world's second-largest crypto.
The digital assets arm of Fundamental Global is rapidly building one of the largest corporate ETH holdings.
The company aims to acquire 5% of all ether supply, worth around $25 billion at current prices.
SharpLink Gaming has announced a $200 million capital raise aimed at expanding its Ethereum treasury. As ETH solidifies its role as programmable money and a yield-bearing asset through staking, SharpLink is betting big on its long-term potential. The raise positions the company among a rising class of corporates reshaping capital strategy around blockchain-native assets. Why SharpLink Is Going All-In On Ethereum In an X post, SharpLink Gaming shared an update stating that the company has secured $200 million capital raise through a direct offering priced at $19.50 per share, and has been backed by four global institutional investors. Related Reading: SharpLink Buys the Dip and Adds $100M-Worth of $ETH to its Treasury as $BEST Stands to Gain According to the company, the capital will be strategically deployed to expand its ETH treasury holdings. Upon full deployment, SharpLink expects its ETH reserves to exceed $2 billion, placing it among the most ETH-heavy corporate treasuries globally. The company focuses on accumulating ETH, staking ETH to earn sustainable on-chain yield, and consistently growing ETH-per-share for long-term shareholders. Ethereum is becoming the foundational layer of global finance infrastructure for tokenized assets, and SharpLink is built to capture that upside. According to the DuRtY_Crypto post, Vitalik Buterin recently pointed out that ETH treasuries are increasingly valuable, not just as a store of ETH, but as a different vehicle for people to have access to ETH. Instead of simply buying ETH and holding it, investors are turning to companies that hold and manage ETH treasuries. DuRtY_Crypto has outlined the irony that was unseen between the Bankless crew, who quickly celebrated the mainstream validation. The PulseChain Sacrifice Wallet has skyrocketed to become the 5th-largest ETH holder in crypto with 171,054 ETH. Before the funds rotated into ETH, the wallet was already commanding attention as the largest DAI holder across all chains. Thus, the expert has commended Richard Heart, the controversial figure behind PulseChain, for executing a strategic pivot that few saw coming. Ethereum Activity Heats Up As Transaction Volume Nears ATH While prominent figures are raising capital and increasing the ETH treasury’s value, CoinW has also revealed that Ethereum on-chain momentum is surging again. According to data from Etherscan, the network processed 1.87 million transactions on Aug 6th, nearing its all-time high of 1.96 million, which was set back in January 2024. Related Reading: Ethereum Bears Dominate Market Orders: -$418.8M Daily Net Taker Volume Signals Trouble Meanwhile, the validator queue data shows the ETH pOs exit queue has dropped significantly to 443,164 ETH, worth roughly $1.612 billion. Following the decline, the average exit wait time now sits at 7 days and 17 hours. With UK regulators officially lifting the ban on crypto exchange-traded notes (cETNs) for retail investors, as reported by CoinW, Ethereum’s performance may experience notable growth. This move signals a major policy shift toward embracing digital asset markets. Furthermore, it will allow individuals to engage in these risk-bearing financial products at their discretion, a move seen as aligning the UK more closely with the global crypto market. Featured image from Getty Images, chart from Tradingview.com
IVD Medical’s ETH buy will serve as both the backbone of its ivd.xyz tokenization platform and a yield-generating treasury asset, powering settlements, stablecoin backing, and staking strategies.
The Minneapolis-based firm's ether holdings sit at 521,939 ETH as of its latest purchases.
The banks says ETH treasuries and ETH ETF holders each bought 1.6% of supply since June, with more upside ahead.