tl;dr
BitMine has become the first corporate treasury to hold over 1 million Ethereum (1.17 million ETH), valued at more than $5 billion, rapidly accumulating since launching its treasury strategy on June 30. The company aims to acquire 5% of Ethereum’s total supply and leads the Ethereum treasury sector,...
BitMine has achieved a significant milestone by becoming the first corporate treasury to hold over 1 million Ethereum (ETH), with its stash reaching 1.17 million ETH as of August 15. This valuation exceeds $5 billion, marking a rapid accumulation since the company launched its treasury strategy on June 30, growing from zero to this impressive figure in just over a month. The firm added 317,126 ETH, worth about $2 billion, within a single week.
Chairman Tom Lee highlighted BitMine’s aggressive goal to acquire 5% of Ethereum’s total supply, moving with “lightning speed” in its purchase efforts. BitMine now leads the Ethereum treasury sector, surpassing SharpLink Gaming, which holds 728,804 ETH and has raised over $2.6 billion for ETH acquisitions. SharpLink also stakes nearly all its holdings, generating cumulative rewards of approximately 1,326 ETH.
According to the Strategic ETH Reserve data, 71 ETH-focused treasury firms collectively hold 3.7 million ETH, valued at around $16.3 billion, representing 3.06% of Ethereum’s total supply. These firms plan to allocate an additional $27 billion towards ETH acquisitions, potentially increasing corporate holdings to 10% of the total supply. BitMine has filed to expand its equity program by $20 billion to fund ongoing purchases.
The aggressive treasury strategy of BitMine has driven remarkable stock performance, with shares soaring over 1,100% and an average daily trading volume of $2.2 billion, placing it 25th among all US-listed stocks by volume. This trend signals growing institutional adoption of Ethereum as essential infrastructure for future financial systems.
Institutional interest is further underscored by Cathie Wood’s Ark Invest reallocating roughly $175 million from traditional crypto stocks into BitMine, reflecting confidence in Ethereum treasury strategies. BitMine’s achievement ranks it as the third-largest crypto treasury globally, behind Bitcoin-focused Strategy and MARA Holdings.