Q3 2025 marked a turning point in traditional finance’s engagement with crypto. The rapid rise of digital asset treasury companies (DATs) introduced a new wave of price-insensitive demand, as firms accumulated significant holdings of $BTC, $ETH, and $SOL. Ethereum-focused DATs were especially aggressive, acquiring 4.3 million ETH, 3.9% of the total circulating supply, within a single quarter.

Led by @fundstrat, @BitMNR (BMNR) emerged as the most prominent Ethereum treasury company in Q3, amassing 2.7 million ETH valued at nearly $11 billion by quarter’s end. @SharpLinkGaming (SBET) followed closely, finishing with 838,200 ETH, but distinguished itself with a dual strategy, focusing not only on accumulation but also on yield generation. SBET disclosed earning 1,799 ETH in staking rewards during Q3 alone, signaling a more active treasury approach.