Ethereum treasury firms have taken the lead over their bitcoin counterparts by percentage of total supply, with 4% held by these companies, a higher figure than the 3.6% of bitcoin’s supply held by treasury firms, data from blockchain analytics firm Artemis shows. 

The flip occurred quickly, as BitMine Immersion Technologies and SharpLink Gaming, which own the bulk majority of the ethereum tokens held by corporate firms, jump-started their strategies this year, while Michael Saylor-led Strategy, the top dog among bitcoin treasuries, began its accumulation in August 2020.

Meanwhile, Quantum Solutions, an AI-focused company headquartered in Tokyo and backed by Cathie Wood’s ARK Invest, announced acquiring 2,000 ethereum tokens through its subsidiary GPT Pals Studio Limited. The firm’s total holdings now stand at 3,865.8 tokens worth nearly $15 million, making it the largest Japanese treasury firm in the space.

The second-largest Japanese ethereum treasury firm, Def Consulting, also announced acquiring 50 million yen of ethereum, or nearly $330,000 at current exchange rates. 

Noah Roy, an investment analyst at Ryze Labs, told Sherwood News, “Institutional accumulation and the growth of ethereum-based treasuries point to a maturing demand base and reinforce confidence in its long-term role in digital finance.” 

The developments highlight how institutional conviction in ethereum remains strong, especially in Asia, where firms are positioning for the long term and have deeper balance sheet integrations, added Omer Goldberg, the founder and CEO of risk management firm Chaos Labs. 

“However, this accumulation hasn’t yet been enough to decouple ethereum from broader macro pressures. Global trade tensions and risk-off sentiment are still suppressing valuations across all risk assets,” Goldberg said to Sherwood. 

“What we’re seeing now is less about short-term price action and more about structural belief in ethereum’s future utility and scarcity,” he continued. “Unless we get some clarity or de-escalation on the geopolitical side, isolated institutional buys won’t meaningfully shift the trend this month.”

Based on Robinhood’s event contracts, markets-implied probabilities show that traders have a bearish view on ethereum’s price trajectory, indicating there’s a 61% chance the asset’s price falls below $3,250 before the end of the year.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)