Ethereum’s price action has witnessed surprise bullish upside in the past months and has outperformed Bitcoin in recent weeks. Behind the scenes, the leading altcoin has also witnessed a buyer unlike any other this year, and that buyer is BitMine. The publicly traded firm has gone on an unprecedented spending spree, scooping up Ethereum at a pace that has seen its Ethereum reserves swell into the billions, making BitMine the largest publicly traded Ethereum treasury firm in the world. BitMine’s Ethereum Strategy BitMine’s buying spree is not just opportunistic but is part of a calculated mission. Under the leadership of Tom Lee, co-founder of Fundstrat and now BitMine’s chairman, the Bitcoin mining company has set its sights on acquiring 5% of Ethereum’s circulating supply, an ambition Lee has branded the alchemy of 5%. That figure translates to a target of roughly $27 billion in ETH, which would make BitMine the biggest ETH holder. BitMine’s accumulation of Ethereum has been nothing short of staggering. It began on June 30, 2025, with a private raise of $250 million , followed by another $500 million on July 14, which pushed its holdings beyond 163,000 ETH. By early August, BitMine had already passed 1.15 million ETH after a continued buying streak. At the time, its holdings were worth close to $5 billion, which made it the largest publicly traded Ethereum treasury firm. The buildup of BitMine’s accumulation only grew aggressive from there. By August 18, its stash had broken past 1.5 million ETH and stood at 1.52 million ETH, valued at around $6.6 billion. According to a press release by BitMine Immersion Technologies, the company was holding 1,713,899 ETH on August 24. The firm said its most recent purchases took its Ethereum balance up by more than 190,500 tokens from 1.52 million. Additionally, its portfolio includes 192 BTC and unencumbered cash of $562 million. Investor interest has surged alongside the company’s expansion. The firm’s transition from Bitcoin to Ethereum treasury saw its NAV per share climb from $22.84 in July to $39.84 in the last week of August. BitWise Climbing The Treasury Rankings BitMine has become to Ethereum what MicroStrategy has long been to Bitcoin. Its Ethereum accumulation strategy has seen it become the second-largest crypto treasury firm, having overtaken MARA holdings in August. Although BitMine has become the undisputed leader in corporate Ethereum ownership, the crown for the largest crypto treasury overall belongs to MicroStrategy, which recently rebranded as Strategy. MicroStrategy currently holds 632,457 BTC worth over $46.5 billion and is in a league of its own when it comes to corporate crypto exposure. Nonetheless, BitMine’s rise has changed the balance of power. Its $8.8 billion Ethereum-plus-cash treasury makes it the second-largest corporate crypto holder globally, ahead of miners like Marathon Digital, XXI, and other firms adopting crypto treasuries.
