Nearly all corporate-owned ETH was purchased in the last quarter alone

Ethereum digital asset treasuries are a whole new story, with almost all of their assets acquired in the past few months.

In the past quarter alone, 95% of all ether held by listed companies was purchased, Bitwise reported on Wednesday.

“Watch this space,” the crypto asset manager said.

Public companies added 4.4 million ETH in the third quarter, resulting in a 1,937% increase from the previous one. There are only 27 publicly traded companies that own the assets, which totaled $19 billion at the end of the period, it added.

In the last quarter alone, 95% of all ETH held by publicly traded companies was purchased.

Watch this space.

Corporate ETH Adoption, 3rd Quarter 2025 Edition pic.twitter.com/9hDARuo9vQ

— Bitwise (@BitwiseInvest) October 15, 2025

Major supply crisis

Digital asset treasuries currently hold 5.9 million ETH worth $23.6 billion at current market prices. according to to SER. This amounts to approximately 4.9% of the entire supply of the asset, which is approximately 121 million.

BitMine Immersion Technologies has the lion’s share of the total with 51% or just over 3 million ETH, putting it halfway to its target of 5% of the entire supply. It recently bought the dip when Ether fell below $4,000 during the weekend liquidation event, and it is still buying. It looks like BitMine just bought another 104,336 ETH worth $417 million, reported Lookonchain on Thursday.

DATs are one of three “supply vacuums” that were not present in previous market cycles. said analyst ‘Crypto Gucci’, who added that 40% of all ether was locked and illiquid. The country enters the cycle with “record institutional demand and the smallest liquid float in history,” he said, before predicting that prices would “go nuclear.”

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The second supply vacuum consists of exchange-traded funds, which raised 6.84 million ETH worth $27 billion, equivalent to 5.6% of the total supply. There is a third supply vacuum as 35.7 million ETH remains illiquid due to the length of the exit queue. These three alone account for 48.4 million ETH, or 40% of the total supply.

MASSIVE:$ETH THE OFFER EVAPORATES.

$24 billion held by government bonds.
$28BILLION LOCKED IN SPOT ETFS.
$146 billion is the most illiquid.

40% OF THE ENTIRE SUPPLY HAS GONE OUT OF CIRCULATION.

THIS IS THE SETUP FOR AN ETHEREUM SUPERCYCLE. pic.twitter.com/gbumlVBrQV

— Merlijn The Trader (@MerlijnTrader) October 15, 2025

ETH is still in retreat

Despite the clear and obvious institutional demand for this asset, ETH is still in retreat. Nowadays it is a common pattern that buying takes place during the Asian trading session, and selling when America wakes up.

ETH fell again late Wednesday from $4,200 to below $4,000, but managed to recover to just above during Thursday’s Asian session. The asset has been in a downtrend for the past ten days and is currently 19% below its all-time high.