Bitwise Asset Management says ether (ETH) is rapidly cementing its place as a treasury asset.

Digital asset treasuries (DATs), once largely bitcoin-centric, are now allocating to ether at scale, creating structural demand that exceeds net new supply, the firm said in a Monday report.

«ETH treasuries are no longer a side story. They are becoming a structural pillar in crypto’s capital markets,» analyst Max Shannon wrote.

According to Bitwise, that demand is reinforced by real yield from transaction fees and maximal extractable value (MEV), which deepens ether’s scarcity narrative.

The largest five treasuries, the firm says, reflect a diverse set of strategies, from corporate accumulation and staking to foundations divesting ether to fund ecosystem development.

This diversity highlights the cryptocurrency’s dual identity as both a reserve asset and a productive, yield-bearing instrument, the report said.

Looking forward, Bitwise expects the landscape to consolidate, with “mega whale” and “whale” DATs dominating flows.

Ether is carving out a distinctive role, not just as a hedge or speculative play, but as a programmable treasury asset that links corporate finance with on-chain economics, the report added.

BitMine Immersion Technologies (BMNR), chaired by Tom Lee, said on Monday that it now controls more than 2% of ether’s supply and has raised $365 million to expand its holdings.

Read more: Tom Lee’s BitMine Sells Stock at $70 to Raise Additional $365M for ETH Treasury