u.today
Digital asset treasury companies — the public entities allocating cryptocurrency to provide the stocks investors need for exposure to digital assets - are moving their focus from Bitcoin (BTC) toward Ethereum (ETH). For the first time in history, Ethereum (ETH) is over Bitcoin (BTC) in the share of the supply owned by DATs.
Ethereum (ETH) flips Bitcoin (BTC) in institutional appetite, this metric says: Analyst Leon Waidmann
Ethereum (ETH), the second largest cryptocurrency, has just exceeded Bitcoin (BTC) in the major institutional purchasing strategy metric. Digital asset treasury companies are holding almost 4% of the Ethereum (ETH) supply, while for Bitcoin (BTC), this metric sits at 3.6%.
New milestone: ETH > BTC in percent of total supply held by digital asset treasuries.
— Leon Waidmann 🔥 (@LeonWaidmann) October 23, 2025
ETH treasury entities now own 4% of total ETH supply, overtaking BTC at 3.6%.
Staking yield, L2 adoption, and tokenization.
Serious money seems to prefer ETH.
Momentum likely continues.… pic.twitter.com/7ZFD454mly
Such observations were made by Leon Waidmann, Head of Research at Onchain Foundation. To provide context, two months ago, Bitcoin's (BTC) share in DAT's custody was twice as big as Ethereum's (ETH).
Waidmann indicated staking yield, layer-2 solution growth and RWA tokenization as three trends boosting interest in Ethereum (ETH).
Also, he is certain that the trend of Ethereum's (ETH) dominance here is far from being over:
Serious money seems to prefer ETH. Momentum likely continues. Interesting times.
As covered by U.Today previously, Tom Lee's Bitmine Immersion and Joseph Lubin's Sharplink Gaming are among the most notable Ethereum-focused DATs.
Combined, the two companies control about $10 billion in Ethereum (ETH).
Solana's (SOL) DAT ecosystem hits $4 billion
Some commentators stressed that Ethereum (ETH) is still trading below its highest price levels, which hints at potential upside for the companies.
Cryptocurrency DATs are going mainstream because of their convenience for retail classic investors, including family offices, pension funds, i.e., entities not interested in holding cryptocurrency but seeking the opportunity to benefit from this volatility.
The popularity of Solana (SOL) treasuries is growing right now. As demonstrated by Capital Markets, over 20 companies added SOL to their balance sheets.
Think @Solana's only for retail? Think again.
— Capital Markets (@capitalmarkets) October 22, 2025
~$4B in SOL locked by public companies in their corporate treasuries. Here's an expanding list of Solana DATs:
- Forward Industries (Nasdaq: FORD)
- Sharps Technology (Nasdaq: STSS)
- DeFi Development Corp (Nasdaq: DFDV)
- Solana… pic.twitter.com/QN2AJVnF6c
In total, their allocations exceed $4 billion in Solana (SOL)