BitMine is aggressively increasing its ETH holdings and further positioning itself as a major force in the Ethereum treasury space.
Summary
- Ethereum treasury BitMine is purchasing 25,369 ETH worth $127 million, bringing its total company holdings to 2.65 million ETH.
- The aggressive treasury strategy continues, with the company aiming to control up to 5% of Ethereum’s circulating supply through steady accumulation.
- Another treasury company, BitDigital, is seeking to raise $100 million through a convertible bond to expand its ETH reserve, indicating increasing institutional competition in ETH government bonds.
BitMine has expanded its Ethereum holdings with a new purchase of 25,369 ETH worth $107 million. On-chain data from September 30 shows that the assets were transferred from FalconX to a newly created wallet linked to the company.
A few hours earlier, BitMine moved 4,985 ETH, worth approximately $21 million, from OKX to another new wallet. All told, the two transactions added a total of $127 million worth of ETH to the treasury in less than 24 hours. according to to on-chain tracker Lookonchain on X.
The tech company’s recent purchases fit into a broader strategy that has made it the largest Ethereum holder among corporate bonds. The company now controls approximately 2.65 million ETH, worth over $10.8 billion, representing approximately 2.19% of Ethereum’s current circulation.
Earlier this year, BitMine revealed its goal to eventually own up to 5% of Ethereum’s total supply, a bold move by the Treasury that was championed by Chairman Tom Lee as a way to capitalize on power-law effects and long-term network value. The company’s aggressive, Ethereum-first approach is also pushing other treasury firms to increase their ETH reserves, leading to a race among public companies to secure exposure.
BitDigital deepens Ethereum’s treasury bet while BitMine leads the way
In a separate move, BitDigital, another Ethereum treasury company, is expanding its ETH holdings. The company has announced a new $100 million convertible bond offering, with almost all proceeds earmarked for Ethereum purchases and reserve expansion.
BitDigital already owns over 120,000 ETH, worth over $484 million, making it the 7th largest corporate ETH treasury. This marks a major shift for the company, which previously focused on Bitcoin mining before switching to an Ethereum-focused strategy and staking operations earlier this year.
Their strategy focuses on raising capital through both equity and debt to continually build their Ethereum reserves, leverage blockchain growth, and generate staking returns. This move joins BitDigital in a growing trend among institutions seeking direct exposure to Ethereum’s network and utility, rather than simply holding Bitcoin as a treasury.
Combined, corporate Ethereum ownership now scaffolding at approximately 5.5 million ETH, worth approximately $22 billion at current prices. With the likes of BitMine and BitDigital doubling their accumulation, this figure is positioned to grow further, cementing ETH’s position as one of the premier corporate bonds.
