- Bitwise’s latest report revealed that 95% of all the ETH held by public Ethereum companies were acquired in Q3 2025.
- Tom Lee and Arthur Hayes forecasted Ethereum’s climb between $10,000 and $12,000 per token before the end of the year.
Bitwise, one of the world’s largest crypto index fund managers, recently revealed that public companies have significantly accelerated their Ethereum (ETH) purchases during the third quarter of 2025. According to its latest “Corporate Ethereum Adoption Q3 ‘25” report, 95% of all the ETH they held was acquired during that period.
The paper showed that the 27 public institutions holding Ethereum have already raked 4.63 million ETH, making up 3.83% of the asset’s circulating supply of 120.69 million tokens. This represents a whopping 1,937.06% change quarter-on-quarter (QoQ).
Bitwise valued the holdings of these public companies at $19 billion, translating to a 3,269.10% change QoQ. Ethereum traded at $4,162 per token at the time of reporting.
Bitmine Leads Ethereum Accumulation Among DATs
BitMine Immersion Technologies declared 2,650,900 ETH during Q3. This makes it the largest public Ethereum company and the second largest public digital asset treasury (DAT) company next to Strategy’s Bitcoin (BTC)-fueled playbook. The firm notably added 202,037 ETH for around $838 million on Monday, following last weekend’s dip, to increase its portfolio to 3,032,188 ETH.
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We acquired 202,037 ETH tokens over the past few days, pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH,” BitMine Chairman Tom Lee confirmed in an official statement.
Other Top Public Companies Holding Ethereum
Another notable mention in Bitwise’s report was Sharplink Gaming, which held 839,185 ETH. This places it next to Bitmine in Ethereum treasury reserves. Meanwhile, The Ether Machine possessed 495,362 ETH, and Coinbase had 136,782 ETH.
Bit Digital captured the fifth spot among the largest public companies holding Ethereum when it went all-in for the asset after ditching Bitcoin. It maintained a balance of 122,187 ETH last quarter.
Optimism for ETH
Ethereum’s strong fundamentals mainly fueled these DATs’ aggressive accumulation. ETH’s staking yield and deflationary mechanics establish it as an interest-bearing asset, which can boost treasury value in the long term. This is unlike Bitcoin, which only relies on price appreciation from its scarcity. In addition, the regulatory easing in the US has boosted confidence within the digital asset space.
Lee, alongside former Bitmex CEO Arthur Hayes, believes Ethereum’s value has the potential to appreciate between $10,000 and $12,000 before the current year ends. The execs laid out their latest predictions during the Bankless podcast on YouTube last Tuesday.
What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
