DAT companies surpass spot ETFs as largest ETH holders, with BitMine accounting for nearly 5% of supply

Public companies with dedicated digital asset treasuries have officially overtaken spot Ethereum ETFs as the largest collective holders of ETH. Together, DATs and ETFs now control approximately 11% of Ethereum’s circulating supply.

The biggest name driving this trend is BitMine Immersion Technologies, ticker BMNR, which holds roughly 5.8 million ETH. That’s about 4.8% of the approximately 120.7 million ETH in circulation.

BitMine’s MicroStrategy-style playbook for Ethereum

BitMine chairman Tom Lee has spearheaded what the company describes as its “Alchemy of 5%” target, a goal to hold 5% of all ETH supply. The company says it has reached roughly 96% of that target.

In March 2026 alone, BitMine scooped up 71,179 ETH in a single transaction. The company has been funding these purchases through equity offerings. BitMine stakes the majority of its holdings, and at the current estimated staking rate of around 3%, a position of 5.8 million ETH generates projected annualized staking revenue reaching into the hundreds of millions of dollars.