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BitMine’s Ethereum Holdings Top 833,000, Becoming The Largest ETH Treasury Globally

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

BitMine Immersion Technologies announced today that its Ethereum (ETH) holdings have surged past 833,000 tokens, making it the largest ETH treasury in the world. The announcement comes amid a broader trend of corporate ETH accumulation.

BitMine Becomes Largest Ethereum Treasury

According to the statement, BitMine Immersion Technologies – a leading Bitcoin (BTC) mining firm – has amassed 833,137 ETH, overtaking SharpLink Gaming to become the largest corporate holder of the digital asset.

Related Reading: Ethereum ETF Inflows Reach $296.6 Million In 24 Hours, Outpacing Bitcoin Products

BitMine’s holdings are currently valued at over $2.9 billion, based on an ETH price of $3,491 per token. Commenting on the development, Tom Lee, Chairman of BitMine’s Board of Directors, said:

BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH, growing our ETH holdings to over 833,000 from zero 35 days ago. We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock.

BitMine’s ETH treasury strategy is a recent initiative, launched on June 30. In just over a month, the company has already surpassed SharpLink Gaming to become the top ETH treasury holder globally.

Data from StrategicETHReserve.xyz shows BitMine’s ETH holdings have jumped an impressive 283.1% over the past 30 days, now accounting for slightly more than 0.5% of ETH’s total circulating supply.

Following BitMine, SharpLink Gaming holds 438,200 ETH, while The Ether Machine ranks third with 334,800 ETH. Other top ETH-holding entities include The Ethereum Foundation, Coinbase, Bit Digital, and BTCS.

BitMine’s massive ETH reserves not only make it the largest Ethereum treasury, but also rank it third among all corporate crypto holders overall. Only Michael Saylor’s Strategy (formerly MicroStrategy) and MARA Holdings – both primarily Bitcoin holders – have larger reserves.

Following the announcement, BitMine shares rose 2.65%, trading at $32.52 at the time of writing. The stock is up an impressive 348% on a year-to-date basis.

bitmine
BitMine shares have jumped 348% YTD | Source: Yahoo! Finance

More Corporates Overtake The ETH Foundation

The Ethereum Foundation was once, by far, the dominant ETH holder. However, it is now being overtaken by several corporate entities as institutional interest in Ethereum continues to grow at a rapid pace.

Related Reading: Ethereum Foundation Sets Ambitious Goals For the Next 10 Years In New Blog

Last week, Ethereum-focused firm BTC Inc. announced plans to raise $2 billion to expand its crypto treasury, including ETH. Meanwhile, Ethereum yield and infrastructure firm – The Ether Machine – recently added 15,000 ETH to its balance sheet.

The rise in corporate accumulation is also reflected in exchange data – ETH reserves on centralized exchanges have dropped to a nine-year low. At press time, ETH trades at $3,648, up 0.9% in the past 24 hours.

ethereum
Ethereum trades at $3,648 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash.com, charts from Yahoo! Finance and 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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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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