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Ethereum

You Know Bitmine Has Been Buying Ethereum, But Can You Believe How Much ETH The Company Now Holds?

Scott Matherson
by Scott Matherson
1 month ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum’s price action has witnessed surprise bullish upside in the past months and has outperformed Bitcoin in recent weeks. Behind the scenes, the leading altcoin has also witnessed a buyer unlike any other this year, and that buyer is BitMine.

The publicly traded firm has gone on an unprecedented spending spree, scooping up Ethereum at a pace that has seen its Ethereum reserves swell into the billions, making BitMine the largest publicly traded Ethereum treasury firm in the world.

BitMine’s Ethereum Strategy

BitMine’s buying spree is not just opportunistic but is part of a calculated mission. Under the leadership of Tom Lee, co-founder of Fundstrat and now BitMine’s chairman, the Bitcoin mining company has set its sights on acquiring 5% of Ethereum’s circulating supply, an ambition Lee has branded the alchemy of 5%. That figure translates to a target of roughly $27 billion in ETH, which would make BitMine the biggest ETH holder.

Related Reading: Crypto Founder Predicts Ethereum Price To Touch $20,000 As Fed’s Powell Turns Dovish

BitMine’s accumulation of Ethereum has been nothing short of staggering. It began on June 30, 2025, with a private raise of $250 million, followed by another $500 million on July 14, which pushed its holdings beyond 163,000 ETH. By early August, BitMine had already passed 1.15 million ETH after a continued buying streak. At the time, its holdings were worth close to $5 billion, which made it the largest publicly traded Ethereum treasury firm.

The buildup of BitMine’s accumulation only grew aggressive from there. By August 18, its stash had broken past 1.5 million ETH and stood at 1.52 million ETH, valued at around $6.6 billion. According to a press release by BitMine Immersion Technologies, the company was holding 1,713,899 ETH on August 24. The firm said its most recent purchases took its Ethereum balance up by more than 190,500 tokens from 1.52 million. Additionally, its portfolio includes 192 BTC and unencumbered cash of $562 million.

Investor interest has surged alongside the company’s expansion. The firm’s transition from Bitcoin to Ethereum treasury saw its NAV per share climb from $22.84 in July to $39.84 in the last week of August.

BitWise Climbing The Treasury Rankings

BitMine has become to Ethereum what MicroStrategy has long been to Bitcoin. Its Ethereum accumulation strategy has seen it become the second-largest crypto treasury firm, having overtaken MARA holdings in August. 

Related Reading: Ethereum Sell-Offs: Outflows Rock Crash Below $4,100, Here’s How Much Has Been Sold

Although BitMine has become the undisputed leader in corporate Ethereum ownership, the crown for the largest crypto treasury overall belongs to MicroStrategy,  which recently rebranded as Strategy. MicroStrategy currently holds 632,457 BTC worth over $46.5 billion and is in a league of its own when it comes to corporate crypto exposure.

Nonetheless, BitMine’s rise has changed the balance of power. Its $8.8 billion Ethereum-plus-cash treasury makes it the second-largest corporate crypto holder globally, ahead of miners like Marathon Digital, XXI, and other firms adopting crypto treasuries.

Ethereum
ETH trading at $4,344 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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