DAT companies surpass spot ETFs as largest ETH holders, with BitMine accounting for nearly 5% of supply

Public companies with dedicated digital asset treasuries 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. The biggest name driving this trend is BitMine Immersion Technologies, ticker BMNR, which holds roughly 5.8 million ETH. That’s about 4.8% of the approximately 120.7 million ETH in circulation. BitMine’s MicroStrategy-style playbook for Ethereum BitMine chairman Tom Lee has spearheaded what the company describes as its “Alchemy of 5%” target, a goal to hold 5% of all ETH supply. The company says it has reached roughly 96% of that target. In March 2026 alone, BitMine scooped up 71,179 ETH in a single transaction. The company has been funding these purchases through equity offerings. BitMine stakes the majority of its holdings, and at the current estimated staking rate of around 3%, a position of 5.8 million ETH generates projected annualized staking revenue reaching into the hundreds of millions of dollars. How DATs leapfrogged BlackRock and Grayscale For most of 2024 and into 2025, spot ETH ETFs from heavyweights like BlackRock and Grayscale were the pri...