Bitmine Extends Grip On Ethereum Treasury

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BitMine Immersion Technologies now controls nearly 1.87 million ETH, equivalent to about 1.55 per cent of total Ether supply, along with substantial cryptocurrency and cash reserves. The Las Vegas‐based miner‐turned‐treasury manager has emerged as the largest corporate holder of Ether globally, with holdings valued at close to $9 billion. The firm's robust position underscores its aggressive strategy in digital‐asset accumulation amid growing institutional interest in Ethereum.

The surge in holdings is underpinned by a flurry of recent purchases, including an addition of approximately 153,000 ETH-a $656 million acquisition-bringing the total to about 1.867 million ETH, valued above $8 billion at current market rates. Such moves position BitMine well on its strategic pathway toward aiming for 5 per cent of total Ether supply. The Ethereum holdings are complemented by 192 Bitcoin and roughly $635 million in unencumbered cash, contributing to a combined crypto plus cash asset base nearing $9 billion. BitMine now stands as the foremost Ethereum treasury company, and ranks second among global crypto treasuries-behind Strategy Inc., which holds significantly larger Bitcoin reserves.

BitMine's assertive accumulation follows its ETH treasury launch in late June and has accelerated through August and early September. Institutional confidence appears to have grown in step, evidenced by continued investment from ARK Invest, whose latest injection exceeded $15 million, raising total backing above $300 million.

Chairman Tom Lee casts the company's strategy in historical perspective, likening Ethereum's ascendant role to financial innovation following the United States' departure from the gold standard in 1971. He described Ether's trajectory as a“supercycle”, with emerging regulatory frameworks such as SEC Project Crypto and the GENIUS Act unlocking transformative potential for blockchain finance.

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The market response has mirrored BitMine's bullish posture. Its stock price has jumped nearly 41 per cent over the last month, trading in the mid‐$40 range at the time of the announcement, and showing intraday gains of over 1 per cent.

BitMine's ascent is emblematic of a broader shift among corporates toward Ethereum as a treasury asset. Firms like SharpLink Gaming, Bit Digital, GameSquare, and The Ether Machine are following suit, each holding significant ETH reserves-some exceeding $100 million. Collectively, institutional ETH treasuries now represent an ecosystem worth billions, with BitMine firmly at the forefront.

That growing interest is tied to Ethereum's technical strength: its native support for staking, smart contracts, stablecoins, and NFTs. These features enable yield generation and diversified application, attracting corporate treasurers seeking productive digital assets. As the co‐founder of Figment observed, staking is emerging as“the centre of global banking for digital assets,” while ETH's productive capacity makes it a strategic asset rather than speculative holding.

Still, the aggressive accumulation navigates potential risks. Scale offers liquidity and negotiating leverage, but also exposure to market volatility and custodial challenges in event of operational failures. Security lapses or market shocks could carry amplified consequences given the size of holdings.

Arabian Post – Crypto News Network

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