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Institutional appetite for Ethereum has reached record levels. According to Bitwise, 95% of all Ether held by public companies was bought in the third quarter of 2025. The amount of (CRYPTO: $ETH ) raised by public companies in the first quarter was 4.4 million, an increase of 1937% over the preceding quarter.

The report listed 27 public corporations with Ethereum exposure that amounted to $19 billion in holdings by the end of Q3. Combined, digital asset treasuries now hold 5.9 million ETH, worth $23.6 billion at current market prices, approximately 4.9% of the cryptocurrency's total supply of roughly 121 million. Bitwise alluded to institutional demand as something that might continue to increase, saying, "Watch this space."

https://twitter.com/BitwiseInvest/status/1978500707419664694

BitMine Leads Corporate Ethereum Holdings

BitMine Immersion Technologies (NYSE: $BMNR ) has become the largest corporate holder of Ethereum, owning 51% of all the publicly held ETH. The company currently holds approximately 3.03 million ETH, a consistent stride towards its long-term goal of owning 5% of the total Ether supply.

On-chain analytics platform Lookonchain stated that BitMine recently acquired an additional 104,336 ETH, worth $417 million, following the market-wide sell-off that sent prices below $4,000. As Yolowire recently reported, Bitmine's Chairman Tom Lee reiterated his long-term bullish view, expecting ETH to hit $10,000 by the end of the year. Other market analysts predict it will range from $6,000 to $15,000, depending on the cyclical performance of Ethereum and increasing institutional demand.

Sharplink Gaming follows with 840,120 ETH, and the Ether Machine is holding 496,710 ETH, as per data from StrategicETHReserve (SER). Analysts say such holdings signal an emerging "treasury trend," where corporations use crypto to diversify balance sheets and store long-term value.

Tight Supply Meets Record Institutional Demand

Analyst "Crypto Gucci" referred to corporate digital asset treasuries (DATs) as a new "supply vacuum" because they were not present in previous bull markets. About 40% of ether is locked out or staked, so there is only a small amount of ether available for trading. This reduced supply, combined with increased institutional accumulation, has resulted in one of the smallest liquid floats in the network's history.

Ethereum bounced up into Q4 with renewed interest despite being seasonally weak. CoinGlass data indicates that historically, Ethereum's fourth quarter has been the second-worst performing time period. However, analysts say that the current cycle is different because of unparalleled corporate buying power.

At the time of writing, Ethereum is trading around $3,980 after briefly reaching a high of $4,300 earlier in the week. The loss occurred after the massive liquidation event that shook the entire cryptocurrency market. However, many see the pullback as temporary and believe that it could continue to accelerate institutional accumulation on the dips.