BitMine has intensified its Ethereum accumulation, further cementing its significant stake in the world’s second-largest cryptocurrency by market cap. The firm has become the largest corporate holder of ETH, assembling a treasury that surpasses its competitors and has drawn international attention.
According to on-chain data from Lookonchain on August 24, BitMine added roughly 9,600 ETH to its holdings, spending about $45 million. This latest acquisition brings its total Ethereum treasury to approximately 1.58 million ETH, valued at around $7.5 billion at current market prices.
The multi-million-dollar purchase is the latest in BitMine’s ongoing buying spree, which began in mid-July 2025 with an initial Ethereum acquisition valued at around $500 million. In just over a month, the company’s holdings have grown substantially, making it the largest corporate ETH holder in the world.
BitMine chairman Tom Lee has framed the accumulation as part of a long-term strategy, with the company aiming to eventually hold five percent of Ethereum’s total supply. The approach reflects BitMine’s strong confidence in Ethereum’s potential to transform the financial system and drive widespread adoption of blockchain technology.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”
The Las Vegas-based company, supported by institutional powerhouses like ARK Invest and Pantera Capital with billions in funding, continues to expand its Ethereum holdings, helping drive corporate ETH ownership to record levels.
The Broader Landscape of Corporate Ethereum Holdings
According to the latest figures from StrategicETHReserve, corporate treasuries now hold roughly $19 billion in Ethereum, up from $17 billion less than a week ago, with BitMine’s $7.5 billion stake representing the largest portion.
Other companies are also bolstering their ETH reserves. SharpLink Gaming, the second-largest corporate holder, owns over 740,000 ETH, valued at more than $3.5 billion. The third-largest, The Ether Machine, holds over 345,000 ETH, worth around $1.6 billion. The Ethereum Foundation, which manages the protocol’s treasury, controls hundreds of thousands of ETH, totaling just over $1 billion. Collectively, BitMine, SharpLink, and the Foundation make up the bulk of the publicly disclosed $19 billion in corporate ETH holdings, with dozens of smaller firms comprising the remainder.
Amid this aggressive accumulation, Ethereum co-founder Vitalik Buterin has issued a cautionary note, warning that it could turn into “leveraged poker.” He highlighted the risk of companies borrowing heavily against their ETH reserves, which could trigger forced liquidations in a downturn, amplifying volatility and potentially undermining confidence in Ethereum’s stability.
Meanwhile, on August 23, ETH surged past $4,900 to a new all-time high but was unable to sustain those gains. At press time, Ethereum trades just above $4,535, down roughly 4.3% in the past 24 hours.
