It seems to be shaping up to be a very interesting time for the crypto market in the institutional sphere: take Ethereum, whose share of the total supply held by public companies has jumped to 2.57% in just three months, from a paltry 0.05%. This leap is no accident: it reflects an aggressive accumulation by digital asset treasuries and listed companies. If this trend persists, ETH’s share could surpass that of Bitcoin, currently at 4.03%, up from 3.58% three months ago. Bitcoin, the crypto mainstay, continues to demonstrate resilience, but this trend is accelerating institutional interest in alternatives such as ETH, where smart contracts and DeFi benefit from advanced predictive models.
This momentum extends to Solana, with its corporate holdings at 0.87% of total supply, equivalent to approximately 4.71 million SOL, up 15% in the first two weeks of September 2025. Forward Industries’ $1.65 billion PIPE deal for a SOL treasury, confirmed by on-chain evidence from Arkham. It is no coincidence that new digital treasurers are emerging on Solana, such as Helius Medical Technologies with its $500m raised by Pantera Capital and Summer Capital. Please note: Helius DAT has no ties with Helius Labs, a nominal coincidence that does not alter the picture. SOL gained over 20% in September, outperforming Bitcoin and Ethereum.
Turning to 2025 performance, Bitcoin has delivered a solid 25% since the start of the year, beating the S&P 500 by 12.5% and confirming its role as a portfolio diversifier. In a market fragmented by altcoins, the ‘buy and hold’ strategy for Bitcoin has proven successful. Ethereum, after criticism for weak performance in 2024 and early 2025, has reversed course since mid-August, reaching 40% YTD and outperforming Bitcoin by 15 percentage points. This recovery is linked to a reinvigorated on-chain activity, with DeFi protocols leveraging AI for accurate predictions, though not at the level of past cycles. AI here acts as a catalyst, analysing data to anticipate rises, suggesting that Ethereum ‘s strength may signal a broader ecosystem recovery.
This flow of capital and performance is intertwined with the world of stablecoins, where Circle’s USDC dominates with $72 billion in circulation, distributed mainly on exchanges such as Coinbase (23%), Binance (14%) and Hyperliquid (8%). However, the announcement of USDH by Hyperliquid challenges this status quo: issuers propose revenue sharing models that buy back HYPE tokens, unlike USDC where returns go directly to Circle. If USDH takes off, it could redesign the allocation, but USDC retains a regulatory advantage in the US, enhanced by AI for compliance and risk management.
In this unicuum, cryptos are travelling between speculation and financial infrastructure. And the coming weeks through to the end of 2025 are shaping up to be very interesting macroeconomic and industry news.
