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Bitmine Becomes 2nd Largest Crypto Treasury Company: Now Holding $6.6B In Ethereum

Bitmine Becomes 2nd Largest Crypto Treasury Company: Now Holding $6.6B In Ethereum

Sebastian Villafuerte
by Sebastian Villafuerte
1 month ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

BitMine, a publicly traded company renowned for its bold treasury strategy, has officially become the second-largest crypto treasury company in the world. The firm now holds more than $6.6 billion worth of Ethereum (ETH), totaling 1.52 million tokens — a staggering 1.26% of the total ETH supply.

Related Reading: Ethereum Floods Exchanges As Bitcoin Remains Unshaken: Market Braces For Volatility

This milestone underscores BitMine’s aggressive accumulation strategy, which has set it apart from other institutions and corporate treasuries in the crypto space. What makes this move even more significant is BitMine’s long-term vision: the company has set a target of holding 5% of Ethereum’s total supply, meaning they are already 25% of the way toward their ambitious goal.

The announcement sends a strong signal to markets and institutional investors. Ethereum’s growing role as both a financial and technological backbone of Web3 is attracting corporations to treat ETH not just as an asset, but as a strategic reserve. BitMine’s approach mirrors the conviction once seen in Bitcoin-focused treasury strategies, but it places Ethereum front and center in the evolving digital asset economy.

BitMine Becomes The Leading Ethereum Treasury

BitMine has cemented its position as the largest Ethereum treasury in the world, now holding over $6.6 billion worth of ETH, up from $4.9 billion just last week. This rapid increase highlights the company’s aggressive accumulation strategy and its conviction in Ethereum’s long-term value. The treasury currently accounts for 1.52 million ETH, making BitMine the undisputed leader in Ethereum corporate holdings.

BitMine Latest Transactions | Source: Arkham Intelligence
BitMine Latest Crypto Transactions | Source: Arkham Intelligence

Globally, BitMine now ranks as the second crypto treasury company overall, second only to Michael Saylor’s Strategy, which dominates Bitcoin holdings. This milestone underscores the shifting landscape of institutional crypto adoption, where Ethereum is increasingly being recognized as more than just the leading smart contract platform — it is becoming a core reserve asset.

Notably, BitMine now holds more ETH than Sharplink Gaming, The Ether Machine, and The Ethereum Foundation combined. This marks a turning point in the treasury race, where corporations are no longer competing on Bitcoin alone but are diversifying into Ethereum at unprecedented levels.

This growing trend is likely to continue as ETH gains momentum, supported by strong institutional demand, ETF inflows, and broader adoption across decentralized finance and real-world asset tokenization. Analysts believe that if BitMine maintains its current pace, its treasury strategy could reshape how companies manage long-term reserves in the digital economy.

Related Reading: Bitcoin Market In Equilibrium: No Major Flow Between Old and Young Coins

ETH Facing Critical Test

Ethereum is currently trading near $4,310 after a sharp retrace from its recent peak above $4,790. The chart highlights that ETH has entered a consolidation phase after weeks of strong bullish momentum, with price now testing key support levels.

ETH trading above key demand levels | Source: ETHUSDT chart on TradingView
ETH is trading above key demand levels | Source: ETHUSDT chart on TradingView

The 50-day moving average is trending upward and currently sits near $3,560, well below current price levels, signaling that the broader bullish structure remains intact. Meanwhile, the 100-day and 200-day moving averages at $3,048 and $2,575, respectively, also confirm strong long-term support. This alignment suggests that despite the pullback, Ethereum’s broader trend is still positioned for growth.

Related Reading: Ethereum Whale Activity Surges: $280M Purchased In 24 Hours

If ETH manages to hold this level, a rebound back toward resistance at $4,600–$4,800 is likely in the short term. However, a breakdown below support could open the door for a deeper retrace toward $3,800. The coming sessions will be key to determining direction.

Featured image from Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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