Digital asset treasuries and spot ETFs now collectively control roughly 11% of Ethereum's circulating supply, marking a major shift in institutional accumulation strategiesPublic companies with dedicated digital asset treasuries have officially overtaken spot Ethereum ETFs as the largest collective holders of ETH. The biggest name driving this trend is BitMine Immersion Technologies, ticker BMNR, which holds roughly 5.8 million ETH. BitMine’s MicroStrategy-style playbook for EthereumBitMine chairman Tom Lee has spearheaded what the company describes as its “Alchemy of 5%” target, a goal to hold 5% of all ETH supply. How DATs leapfrogged BlackRock and GrayscaleFor most of 2024 and into 2025, spot ETH ETFs from heavyweights like BlackRock and Grayscale were the primary vehicles through which institutional money flowed into Ethereum. What this means for investorsThe concentration of nearly 11% of ETH supply in the hands of DATs and ETFs introduces dynamics that didn’t exist even 18 months ago.