cryptoslate.com
BitMine has become the first corporate treasury to surpass 1 million Ethereum ($ETH) in holdings after its stash climbed to 1.17 million $ETH on Aug. 15, valued at over $5 billion.
The firm added 317,126 tokens worth approximately $2 billion in a single week. BitMine chairman Tom Lee said on August 4 that the firm intends to move with “lightning speed” in its pursuit to acquire 5% of $ETH’s total supply.
Notably, the company launched its treasury strategy on June 30, growing from zero to over 1 million $ETH in a little over a month.
Treasury competition accelerates
BitMine now leads the Ethereum treasury sector, surpassing SharpLink Gaming’s 728,804 $ETH holdings.
SharpLink reported on August 15 that it raised over $2.6 billion in capital for $ETH acquisitions and has staked nearly 100% of its holdings, generating cumulative rewards of approximately 1,326 $ETH.
Data from the Strategic $ETH Reserve lists 71 $ETH-focused treasury firms collectively holding 3.7 million $ETH valued at $16.3 billion, representing 3.06% of the total supply.
These companies indicate plans to allocate roughly $27 billion toward additional $ETH acquisitions, which could push corporate holdings to 10% of total supply.
BitMine filed an amendment to expand its at-the-market equity program by $20 billion to fund continued acquisitions.
The aggressive strategy has driven significant stock performance, with shares surging up to over 1,100% and an average daily trading volume of $2.2 billion, ranking it 25th among all US-listed stocks.
Institutional adoption context
The rapid accumulation could be a sign of growing institutional recognition of Ethereum as foundational infrastructure for future financial systems.
The corporate broad view could align with BitMine’s understanding that staking $ETH secures the network and generates yield while aligning firms with Ethereum’s long-term success.
On July 21, Cathie Wood’s Ark Invest shifted approximately $175 million from traditional crypto stocks like Coinbase and Robinhood into BitMine. The move demonstrates institutional confidence in Ethereum treasury strategies.
BitMine’s achievement positions it as the third-largest crypto treasury globally behind Bitcoin-focused Strategy and MARA Holdings.