DATs Overtake Spot ETH ETFs-BitMine Alone Holds Nearly 5%

DATs now matter more than spot ETH ETFs in supply control

The bigger shift in Ethereum is not better ETF marketing. It is who controls the available supply. In 2025, spot ETH ETFs went from roughly 3% of supply to about 10%, yet ETH still finished the year lower. That weakens the simple bull case that ETF demand alone can put a floor under price. With ETF dashboard data currently limited, the market may need to focus more on a newer source of demand: corporate treasury accumulation.

BitMine alone holds nearly 5% of ETH

BitMine is the clearest example of this shift. The company disclosed 5.78 million ETH holdings, equal to 4.8% of the ETH supply. That makes it a much larger single holder than the ETF complex is today. It also raises the same concern investors flagged last year around ETH treasury company concentration risk. If treasury buying becomes a primary demand driver, concentration matters more.

For bulls, BitMine's position shows how direct corporate accumulation can pull a meaningful share of supply off the market. For bears, the lesson from 2025 is that even large increases in ETF-held ETH did not guarantee a higher price because offsetting selling pressure can still win. The same caution applies when one company holds nearly 5% of supply.