Ethereum Treasury Purchases Drop 80% as Companies Step Back

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Ethereum treasuries are collapsing fast. Purchases have dropped 80% in just three months, from 1.97 million ETH in August to only 370,000 ETH in November, showing that companies are rapidly pulling back from the trend.

Bitwise has warned that the model is under pressure, and many companies that were buying large amounts of Ether are now stepping back.

Earlier this year, companies rushed to buy ETH for their balance sheets, copying the Bitcoin treasury model. Bitmine, led by Tom Lee, became the biggest buyer and still holds more ETH than all other firms combined. But most other companies are now struggling.

Weakening Ethereum Treasury Demand

Bitwise reports that premiums are falling, buying power is weak, and smaller firms can’t keep up. Analyst Max Shannon said the treasury trend looked like an “altseason,” but demand is fading. Treasury buying still exceeds Ethereum’s monthly supply of around 80,000 ETH, but the gap is closing. Falling values and smaller purchases show that the support is weakening.

ETH DAT bear continues. pic.twitter.com/5YhOwqTICd

— Max Shannon (@cornMaxy) December 2, 2025

Purchases have dropped over 80% in three months, while new ETH entering the market remains the same. The imbalance that once pushed prices up has disappeared.

Bitmine Dominates the Ethereum Treasury Market

The treasury market is now dominated by one player: Bitmine. It holds over 3.7 million ETH (nearly $13 billion), far more than any competitor. With strong access to capital, Bitmine can keep raising money and buying ETH. Smaller firms cannot.

Without new funds, they cannot buy ETH. Without buying ETH, they cannot attract investors. Their premiums drop, dilution rises, and survival becomes harder.