ETH DATs – November 2025
Digital Asset Treasury (DAT) companies bought only 370,000 ETH in November.
→ This is an 81% drop from August’s 1.97 million ETH.
ETH price fell 16% in November, and DAT buying slowed sharply.
Bitwise analysts warn:
→ If DAT buying keeps falling, ETH’s structural demand may weaken.
Monthly new ETH supply is around 80,000 ETH.
→ If DAT demand goes below supply, market pressure may increase.
Top ETH-Holding Companies
BitMine Immersion: 3.73 million ETH (worth over $10B) — largest holder.
SharpLink: ~860k ETH
The Ether Machine: ~497k ETH
Bit Digital: ~153k ETH
Analyst View
ETH DATs are more sustainable than BTC treasuries because:
→ ETH has native staking yield.
DATs need mNAV > 1 to keep buying ETH consistently.
conclusion
DAT buying dropped massively → short-term ETH demand weaker.
But long-term still strong because of staking + big treasury accumulation.
