- Bitmine boosted its Ethereum treasury to 2.17M ETH worth $9.71B through $69M in OTC purchases, signaling strong institutional conviction.
- Corporate treasuries now hold 4.99M ETH valued at $22.2B, with Bitmine leading as Ethereum adoption accelerates across institutions.
- Analysts see Ethereum treasuries as stronger than Bitcoin or Solana because staking yields create long-term sustainability and higher valuations.
Bitmine has stepped up its Ethereum strategy, purchasing another $69 million worth of ETH through Galaxy Digital’s OTC desk. The firm, led by Wall Street veteran Tom Lee, now holds roughly 2.17 million ETH valued at $9.71 billion.
According to Lookonchain, the settlement involved four transfers totaling 15,427 ETH in less than an hour. These included blocks of 3,247 ETH, 3,258 ETH, 4,494 ETH, and 4,428 ETH. The structured timing suggests coordinated OTC settlements designed to minimize open market disruption while enabling bulk accumulation.
Ethereum Treasuries Dominate Institutional Strategy
Bitmine’s strategy stands out in the emerging digital asset treasury landscape. Data from Arkham shows Ethereum accounts for nearly its entire $8.65 billion portfolio. Other holdings, including MakerDAO’s MKR and a handful of experimental tokens, remain negligible by comparison.
Moreover, Bitmine’s buying spree has been consistent. On September 11, it received 46,255 ETH worth $201 million from a BitGo wallet. A week earlier, it secured 80,325 ETH worth $358 million from Galaxy Digital and FalconX.
These acquisitions pushed its total stash above 2 million ETH, representing about 1.8% of Ethereum’s circulating supply. Collectively, corporate treasuries now hold 4.99 million ETH, worth $22.2 billion, or 4.13% of supply. Bitmine leads with over 2.15 million ETH, followed by SharpLink Gaming with 838,000 ETH and The Ether Machine with 495,000 ETH.
Competitive Treasury Strategies Emerge
Competition among treasuries is intensifying. The Ether Machine recently filed with the SEC to go public through a merger with Nasdaq-listed SPAC Dynamix Corporation. SharpLink Gaming, meanwhile, has focused on shareholder returns, repurchasing nearly 1.94 million shares since August while holding no debt.
Analysts highlight Ethereum as the prime beneficiary of the treasury boom. Standard Chartered’s Geoffrey Kendrick noted ETH-focused treasuries are better positioned than Bitcoin or Solana, since Ethereum generates staking yield. Consequently, ETH treasuries gain sustainability and higher long-term valuations.
Ethereum treasuries are shaping corporate digital asset strategies. Bitmine’s aggressive buying signals that institutional confidence in ETH remains both deep and long-term.
