With its latest purchase of 25,369 ETH worth $127 million, BitMine has cemented its place as the top player in Ethereum treasury management. The deal involved transferring 25,369 ETH from FalconX to a new corporate wallet and 4,985 ETH from OKX to a new BitMine address, all of which occurred within 24 hours.
BitMine now owns almost 2.65 million ETH, which is worth more than $10.8 billion, representing 2.19% of Ethereum’s current circulating supply. Tom Lee, the company’s chairman, has set an ambitious goal: to control up to 5% of all Ethereum’s supply, using network effects and long-term value to boost the company’s balance sheet.
BitMine’s aggressive buying strategy is making other treasury companies increase the amount of ETH they hold. BitDigital, another big player in the industry, has announced a $100 million convertible note sale. The company plans to use almost all of the money to buy Ethereum. This comes after BitDigital made a significant strategic shift from Bitcoin mining to an “Ethereum-first” business, focusing on direct ETH exposure and staking reward prospects.
BitDigital is currently the seventh-largest corporate Ethereum holder, with over 120,000 ETH in its treasury, which is worth more than $484 million. The company is raising funds from both debt and equity, which demonstrates its commitment to attracting more users to Ethereum and expanding the blockchain in the future.
The most recent surge in institutional interest has increased corporate ETH reserves to over 5.5 million ETH, valued at approximately $22 billion. The continued accumulation by companies like BitMine and BitDigital demonstrates that Ethereum is not only a valuable treasury asset but also has the potential to generate income, appreciate over time, and prove useful.
The fact that more and more businesses are rushing to acquire large amounts of ETH indicates that Ethereum is gaining popularity beyond the IT and financial sectors. Companies that want to win bigger stakes are turning ETH into a key treasury asset. This is shifting the market narrative from Bitcoin-focused tactics to ones that incorporate cryptocurrency in institutional finance even further.
