Demand for Ethereum from corporate treasuries has dropped by 81% - ForkLog: cryptocurrencies, AI, singularity, future

# Demand for Ethereum from Corporate Treasuries Drops by 81%

The boom of companies holding digital assets on their balance sheets (DAT) has come to an end. This opinion was expressed by Bitwise analyst Max Shannon in a comment to DL News.

The volume of Ethereum purchases by such firms decreased by 81%: from 1.97 million ETH in August to 370,000 ETH in November.

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

— Max Shannon (@cornMaxy) December 2, 2025

The expert described the trend of accumulating assets as a “version of altseason” in the current cycle. The situation is developing according to a classic scenario: the emergence of new alternatives dilutes limited capital, which can no longer sustain demand at the previous level.

Shannon explained: if crypto treasuries continue to reduce their purchases while issuance remains stable at (80,000 coins), structural demand for Ethereum will evaporate.

“As long as net inflows from DAT companies exceed new ETH supply, this strategy continues to create fundamental demand for the asset. But the pressure is already noticeable: it is manifested in the decline of mNAV multipliers and a reduction in purchase volumes. The unwinding of the strategy is in full swing,” he noted.

Winner Takes Almost All

The peak of the crypto treasury hype occurred in the summer. The pioneer was BitMine, led by Tom Lee—it remains one of the few companies that continues to increase its positions.

Currently, the volume of assets under its management exceeds the combined figures of the other 69 companies with a similar strategy.

Top 10 Largest Holders of Ethereum Among Public Companies. Source: Strategic ETH Reserve Shannon predicted that this concentration will only increase:

“The largest DAT companies, having access to deeper capital markets, are in a better position to attract funds, buy ETH, and receive external capital inflows, creating a self-sustaining cycle,” he noted.

Smaller players found themselves in a “death spiral.” Unlike BitMine, they do not have access to capital markets to raise funds for cryptocurrency purchases.

Without increasing their reserves, such firms lose investment appeal. Falling mNAV and dilution of shares due to additional stock issuances deprive them of the ability to accumulate assets.

“Smaller DAT companies are likely to struggle to survive and will act impulsively during ETH rallies,” Shannon said.

Recall, in November, Bitwise Chief Investment Officer Matt Hougan pointed out the inefficiency of crypto treasuries.