Ethereum Treasuries Enter Mainstream Adoption: Bitwise Report Highlights ETH as Core Asset

Bitwise Asset Management reports that Ethereum (ETH) is rapidly establishing itself as a fundamental treasury asset. Digital asset treasuries (DATs), previously focused primarily on Bitcoin, are now making significant allocations to Ethereum, generating structural demand that outpaces net new supply, according to the firm's Monday analysis. "ETH treasuries are evolving from a niche topic to a structural cornerstone of crypto capital markets," wrote analyst Max Shannon. Bitwise emphasizes that this demand is strengthened by ETH's real yield from transaction fees and maximal extractable value (MEV), reinforcing the cryptocurrency's scarcity thesis. The report notes that the top five treasuries showcase diverse strategies, including corporate accumulation, staking, and foundations selling ETH to fund development. This variety underscores Ethereum's dual nature as both a reserve asset and a productive, yield-generating instrument. Bitwise anticipates further market consolidation, with "mega whale" and "whale" DATs expected to dominate future capital flows. Ethereum is defining a unique role not merely as a hedge or speculative asset, but as a programmable treasury instrument bridging corporate finance with on-chain economics. In a related development, Tom Lee's BitMine Immersion Technologies (BMNR) announced it now controls over 2% of the ETH supply and has secured $365 million to expand its holdings.