In just 45 days, Bitmine transformed from a crypto industry participant to Ethereum’s most voracious corporate collector, amassing an astonishing 1.17 million ETH valued at over $5 billion by mid-August 2025.
The company’s meteoric accumulation strategy began on June 30, when they held precisely zero ETH. By September, their holdings ballooned to over 2.07 million ETH worth $9.2 billion—like watching someone build Fort Knox from scratch in a summer. This achievement solidified Bitmine as the first corporate treasury to exceed 1 million Ethereum tokens.
This aggressive acquisition was fueled by a $20 billion equity offering and a stock that shot up faster than a caffeinated rocket—1,100% rise, to be exact. During one particularly frenzied week, Bitmine scooped up 317,126 ETH worth $2 billion, sending market observers into collective jaw-drops. Chairman Tom Lee didn’t mince words about the company’s ambitions: capturing 5% of Ethereum’s total supply.
Bitmine’s caffeine-powered buying frenzy isn’t just shocking markets—it’s rewriting the rules of corporate crypto accumulation.
The market effects were immediate. Ethereum prices crossed $4,300, approaching all-time highs as Bitmine’s buying spree signaled institutional confidence. The company now holds the crown as the world’s largest ETH treasury, outpacing former leader SharpLink Gaming’s 728,804 ETH. Bitmine emphasizes staking for network security as a key part of their Ethereum strategy.
Only Strategy Inc. maintains a larger overall crypto treasury globally.
Beyond pure accumulation, Bitmine allocated 1% of its treasury to ecosystem investments, including a $20 million position in Eightco Holdings. The transition to Ethereum’s Proof of Stake model has dramatically reduced the environmental impact compared to energy-intensive mining operations. The company maintains a modest cash reserve of $266 million alongside its crypto assets and a comparatively tiny Bitcoin holding of just 192 BTC.
The company’s treasury pivot has attracted support from heavyweight investors including ARK’s Cathie Wood, Founders Fund, and Galaxy Digital. Trading volume exploded to $1.7 billion daily, placing Bitmine among America’s most actively traded stocks.
This corporate accumulation trend extends beyond Bitmine, with 71 treasury firms collectively holding 3.7% of Ethereum’s supply. Industry analysts project another $27 billion earmarked for ETH purchases, potentially pushing corporate control toward 10% of circulating supply—a fundamental shift in Ethereum’s ownership landscape.
