Ethereum’s largest on-chain treasuries are shifting their behavior. Monthly acquisitions across most DATs have fallen by a steep 81% since the August peak, signaling a cooling period after months of aggressive buying.
Despite that slowdown, one player stands out: BitMine, which continues to accumulate Ether at a scale unmatched by any other entity on the list.
StrategicReserve data shows a combined 6.47 million ETH held across 68 tracked entities, valued at roughly $19.45 billion. While most top treasuries show flat 30-day changes, BitMine has dramatically expanded its position, adding 679,000 ETH in the past month alone, a haul valued at approximately $2.13 billion.
BitMine Dominates Treasury Rankings
The latest dataset places BitMine Immersion Technologies (BMNR) firmly at the top of global ETH treasuries with a total of 3.37 million ETH, worth more than $11.2 billion. This build-up continues even as other large wallets reduce or pause accumulation. Analysts at Fundstrat argue that such aggressive buying behavior suggests Ethereum may have already found a cyclical bottom.
BitMine’s war chest extends beyond crypto holdings. The company still has $882 million in cash reserves, a signal that further purchasing rounds may be on the horizon. In comparison, the next-largest treasury, SharpLink Gaming (SBET), holds 859,400 ETH, while The Ether Machine sits at 496,700 ETH. These holdings are sizeable but remain far below BitMine’s pace of accumulation.
DAT Buying Slows, but ETF-Related Demand Remains Strong
The broader market shows a clear deceleration in institutional Ethereum accumulation. Monthly buying has fallen significantly since August, marking one of the sharpest retracements in 2025. Even so, the SER+ETF ETH Reservecontinues trending higher, reflecting persistent inflows into staking entities and ETF-linked custodians.
A look at the SER+ETF chart shows total ETH reserves climbing steadily from June to December, rising from just above 3.5 million ETH to nearly 14 million ETH. The chart highlights consistent inflows throughout the second half of the year, stabilizing at elevated levels even as direct DAT buying softened. The combination shows that institutional demand has not disappeared, it has simply shifted from private treasuries to ETF ecosystems.
What the Trend Means for Ethereum
Declining acquisition among most DATs indicates reduced speculative pressure and more selective accumulation patterns. BitMine’s continued expansion stands out even more in this environment, suggesting high conviction from one of the market’s most capital-heavy participants. This aligns with Fundstrat’s outlook that Ethereum’s downside risk may be limited after months of consolidation.
Meanwhile, the ETF reserve chart signals a maturing market structure. As Ethereum’s staking yields remain attractive and ETF demand holds steady, institutions may increasingly prefer regulated, yield-generating products over direct treasury accumulation.
Together, these indicators portray an Ethereum landscape that is stabilizing, redistributing buying pressure, and consolidating around long-term holders.
