DAT Companies Surpass Spot ETFs as Largest Ethereum Holders, Bitmine Accounts for 5%

Digital asset treasury firms have overtaken traditional exchange-traded funds as the dominant institutional holders of Ethereum. Digital asset treasury (DAT) companies have surpassed traditional spot ETFs to become the largest institutional holder category for Ethereum. Currently, Bitmine Immersion Technologies alone represents nearly 5% of the total ETH supply, while the combined holdings of ETFs and DATs account