BitMine, a prominent corporate treasury, has made history by becoming the first entity to amass over 1 million Ethereum (ETH) in holdings. As of August 15, BitMine’s ETH stash has surged to 1.17 million, valued at a staggering $5 billion. In just one week, the firm managed to add 317,126 tokens worth approximately $2 billion to its treasury. BitMine’s chairman, Tom Lee, expressed the company’s ambition to rapidly acquire 5% of ETH’s total supply, emphasizing their commitment to move with “lightning speed” towards this goal.
The company’s treasury strategy, which was launched on June 30, has been remarkably successful, propelling BitMine from zero to over 1 million ETH in a little over a month. BitMine now leads the Ethereum treasury sector, surpassing SharpLink Gaming’s 728,804 ETH holdings. SharpLink Gaming, a key player in the space, recently reported that it raised over $2.6 billion in capital for ETH acquisitions and has staked nearly 100% of its holdings, resulting in cumulative rewards of approximately 1,326 ETH.
According to data from the Strategic ETH Reserve, there are 71 ETH-focused treasury firms collectively holding 3.7 million ETH, valued at $16.3 billion. This represents 3.06% of the total ETH supply. These companies have outlined plans to allocate around $27 billion towards additional ETH acquisitions, potentially pushing corporate holdings to 10% of the total supply.
In order to fund continued acquisitions, BitMine has filed an amendment to expand its at-the-market equity program by $20 billion. This aggressive strategy has led to significant stock performance, with shares surging over 1,100% and an average daily trading volume of $2.2 billion, ranking BitMine 25th among all US-listed stocks.
The rapid accumulation of Ethereum by corporate treasuries like BitMine could signify a growing institutional recognition of Ethereum as foundational infrastructure for future financial systems. By staking ETH, these firms not only secure the network but also generate yield, aligning themselves with Ethereum’s long-term success. In a notable move, Cathie Wood’s Ark Invest shifted approximately $175 million from traditional crypto stocks to invest in BitMine on July 21, showcasing institutional confidence in Ethereum treasury strategies.
BitMine’s remarkable achievement has positioned it as the third-largest crypto treasury globally, trailing behind Bitcoin-focused Strategy and MARA Holdings. This milestone underscores the increasing importance of corporate treasuries in the cryptocurrency space and their potential to shape the future of digital asset management.