DAT Companies Overtake ETFs as Largest Ethereum Holders
Publicly traded companies are now the largest holders of Ethereum (ETH) after surpassing spot ETFs. Together, Data Acquisition and Treasury (DAT) companies and ETFs control around 11% of ETH's circulating supply. The trend is led by BitMine Immersion Technologies (BMNR), which has acquired approximately 5.8 million ETH, or about 4.8% of the total supply.
BitMine chairman Tom Lee has been driving this strategy, aiming to hold 5% of all ETH supply as part of what the company calls its 'Alchemy of 5%' target. The company has already reached around 96% of this goal and has been funding its purchases through equity offerings.
In March 2026 alone, BitMine acquired 71,179 ETH in a single transaction. The company stakes most of its holdings, which at the current estimated staking rate of around 3%, generates projected annualized staking revenue reaching into the hundreds of millions of dollars.
The concentration of institutional investors in Ethereum's market is creating new dynamics. Regulators will likely ask questions about market concentration and potential manipulation as corporate treasuries grow to control larger percentages of a network's token supply.