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Wednesday Dec 3 2025 13:30
2 min
The Ethereum treasury trade appears to be retracting as monthly acquisitions decrease since the August peak. Concurrently, major players are accumulating billions of dollars' worth of Ether.
Investments from Ethereum digital asset treasuries (DATs) have fallen by 81% over the past three months, dropping from 1.97 million Ether (ETH) in August to 370,000 ETH in November, according to Bitwise, an asset management firm.
“ETH DAT bear continues,” noted Max Shennon, a senior research associate at Bitwise, in a Tuesday post on X.
Despite the slowdown, certain companies with solid financial foundations are proceeding to accumulate the world’s second-largest cryptocurrency or secure funding for future acquisitions.
BitMine Immersion Technologies, the largest corporate holder of Ether, accumulated approximately 679,000 Ether, valued at $2.13 billion, over the last month. This completes 62% of their target to accumulate 5% of the total ETH supply, according to data from Strategicethreserve.
Bitmine also holds an additional $882 million in cash, according to the data aggregator, potentially signaling further ETH accumulation on the horizon.
Earlier in November, Republic Technologies (formerly Beyond Medical Technologies) successfully raised $100 million through a convertible note offering, designated for future Ether acquisitions.
The financing round featured unusual terms for DATs, including a 0% interest rate, no ongoing interest payments for investors, and no collateral requirements if Ether's price declines.
The absence of interest payments allows Republic to avoid spending cash on debt servicing and prevents potential default on interest payments, a common challenge for some digital asset companies.
Meanwhile, crypto treasury stocks experienced a rebound on Tuesday, with Ether-focused DATs leading the gains. Nasdaq-listed EthZilla (ETHZ) saw a 12.35% increase on the day, while BitMine’s shares surged by 10.26%, as reported by Google Finance.
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