Institutions holding Ethereum’s ETH, commonly referred to as crypto treasury firms, have been on a buying spree despite the market’s struggles. According to the latest market data, corporate Ethereum treasuries purchased approximately 309,000 ETH in November. At current prices, this amounts to about $965 million.
Interestingly, the buying momentum didn’t stop there as these treasuries scooped up another 100,000 ETH in December. This accumulation occurred even as the price remained under pressure, suggesting that institutions remain confident in Ethereum’s long-term outlook despite sluggish price action.
ETH treasuries continued to accumulate during November’s price weakness, adding over 309k ETH in November and more than 100k ETH so far in December. pic.twitter.com/0582ptSCP7
— Sentora (previously IntoTheBlock) (@SentoraHQ) December 9, 2025
Institutions Saw Opportunity in the Downtrend
The second-largest crypto asset, ETH, traded mostly between $2,950 and $3,200 in November. December has shown similar behavior, with ETH hovering around $3,105 at press time. Yet, while retail investors hesitated, institutional buyers continued to treat the dip as an opportunity.
The continued accumulation points to a notable shift in treasury strategy. Rather than reacting to short-term volatility, these entities are taking a longer-term view. They appear to be positioning themselves for Ethereum’s next major upgrade cycle and the continued expansion of the ETH ecosystem.
A key example is BitMine, which has steadily added Ethereum to its reserves over the past several months. A recent disclosure shows the firm now holds about 3.8 million ETH. This firmly establishes it as a top crypto treasury firm and places it second globally, just behind Strategy, which holds BTC.
The company’s steady buying shows institutional players increasingly view ETH at current prices as a valuable asset rather than a risk. Additionally, Bitmine’s approach reflects a trend in which firms and crypto treasuries view ETH as a strategic asset, not a speculative trade. It also signals that stronger hands are preparing for what they believe could be Ethereum’s next upward cycle.
Accumulation Boosts ETH Outlook
Moreover, the market’s reaction to the recent price softness provides important context. Treasuries and whales tend to accumulate aggressively during periods of hesitation, when fear keeps prices from running too far ahead.
Consequently, the November–December dip created exactly that environment. Instead of retreating, institutions continued to deploy capital. This suggests that they expect Ethereum’s fundamentals, such as staking yields, L2 expansion, and rising developer activity, to drive long-term growth.
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