DAT Companies Overtake Traditional ETFs as Largest Ethereum Holders

Publicly traded digital asset treasury companies have surpassed traditional spot exchange-traded funds as the largest institutional holders of Ethereum. According to recent data, Bitmine Immersion Technologies alone represents nearly 5% of the total ETH supply. This trend is part of a broader shift in 2026, where public companies employing digital asset treasury strategies are leading in ETH ownership compared to traditional ETF vehicles.

DAT companies have a unique approach to holding Ethereum reserves, as they actively leverage their treasury holdings by incorporating staking operations via platforms like MAVAN. Unlike ETFs, which merely hold assets for clients, DAT participants can generate continuous returns from their Ethereum reserves through staking. Bitmine, a Nasdaq-listed company, has pivoted to a major Ethereum-focused treasury model and continues expanding its validator infrastructure.

The increase in ETH holdings by DAT companies is driven by public firms that integrate cryptocurrencies like Ethereum into their corporate balance sheets as a primary treasury strategy. These firms raise capital through equity offerings and other instruments to accumulate and hold digital assets long term, outpacing traditional spot ETFs.