Bitmine purchases 317,000 ETH, Continuing The Institutional Buying Frenzy - Crypto Economy

TL;DR

• BitMine has expanded its Ethereum holdings by 317,000 ETH, bringing its total to over 1.15 million tokens valued at nearly $4.9 billion.
• This makes BitMine the largest corporate Ethereum treasury worldwide.
• The purchase was funded without new financing, showing strong confidence in Ethereum’s institutional potential as corporate ETH treasuries exceed $10 billion overall.

BitMine, a publicly traded company on the New York Stock Exchange, has significantly increased its Ethereum holdings by acquiring an additional 317,000 ETH. This purchase pushes the firm’s total balance to more than 1.15 million ETH, valued at nearly $4.9 billion as of Monday. The firm’s rapid accumulation reflects a growing institutional interest in Ethereum, positioning BitMine as the largest corporate Ethereum treasury in the world.

Institutional Ethereum Holdings Surge

Earlier in the summer, BitMine reported holding 625,000 ETH and had already increased that to 833,000 ETH by early August. The recent addition of 317,000 ETH, which amounts to roughly $1.3 billion in value, was reportedly funded from the company’s existing capital, as no new financing was disclosed. This move highlights BitMine’s strong conviction in Ethereum’s long-term value and its growing importance as a corporate asset. According to available data, corporate Ethereum treasuries across various institutions, including firms like SharpLink Gaming and Bit Digital, have surpassed $10 billion collectively, showcasing the maturation of institutional involvement in Ethereum.

A New Phase for Ethereum Adoption

Tom Lee, chairman of BitMine and co-founder of Fundstrat, has suggested that Ethereum could be entering a critical growth phase similar to Bitcoin’s breakout year in 2017. Speaking on CNBC, Lee identified three main factors contributing to this potential: regulatory progress on stablecoins, signs that the SEC is becoming more open to onchain finance, and the increasing engagement of major financial players such as JPMorgan and Robinhood building on Ethereum’s platform.


Lee foresees a new wave of corporate Ethereum accumulation, likening it to the “MicroStrategy effect” seen in Bitcoin, where firms hold substantial crypto treasuries as strategic assets. If these trends continue, ETH’s price could surge from around $4,000 to $10,000 or more.

At the time of BitMine’s announcement, Ethereum was trading near $4,189, only about 14% below its all-time high. Following the news, BitMine’s shares rose 9%, continuing a strong upward trend that has seen the stock climb over 600% since January. This surge in corporate Ethereum treasury holdings reflects increasing confidence in ETH as a key institutional investment and staking asset.