Companies with dedicated digital asset treasuries (DATs) have officially overtaken spot Ethereum ETFs as the largest collective holders of ETH. Together, DATs and ETFs now control approximately 11% of Ethereum’s circulating supply. BitMine Immersion Technologies (BMNR) leads this trend, holding about 5.8 million ETH, representing 4.8% of the total supply of approximately 120.7 million ETH, and has reached 96% of its target to hold 5% of the supply. The company purchased 71,179 ETH in a single transaction in March 2026. These companies stake their ETH to generate yields, unlike ETFs which hold passively, raising regulatory concerns about market concentration.
Source: Read the original article
