Bitmine Claims Ether Treasury Crown After Adding $1.7 Billion of ETH in a Week

The firm has expanded its Ether position to 1.52 million tokens, valued at about $4,326 per Ether based on an average of the current market price, alongside 192 bitcoins, it said in a press release. 

The accumulation makes BitMine the largest Ether treasury holder worldwide and the second-largest corporate crypto owner overall, behind Michael Saylor’s Strategy.

A week-long buying spree added 373,000 ETH worth $1.7 billion, lifting BitMine’s total to more than 1% of Ethereum’s circulating supply. 

Friends in high places

“In just a week, BitMine increased its ETH holdings by $1.7 billion, as institutional investors have expressed interest and support for our pursuit of the ‘alchemy of 5%’ of ETH,” said BitMine Chairman Tom Lee in a statement.

The company has set a target of controlling 5% of ETH, a goal backed by well-financed investors including ARK Invest, Founders Fund, Pantera, Kraken, and Galaxy Digital.

New era?

On X, Lee compared the shift toward Ethereum and digital assets to the 1971 end of the Bretton Woods system, when the US took the dollar off the gold standard. That move untethered the dollar from gold and ended the system that had pegged global currencies to the dollar—and by extension to gold.

He also pointed to the GENIUS Act and the US Securities and Exchange Commission’s Project Crypto initiative, which aims to modernize regulation for digital assets, calling them equally transformative for the financial sector.

Meanwhile, momentum in Ethereum ETFs continues to grow, with more than $1 billion in daily inflows recorded last week. Combined with corporate treasuries, ETFs now account for over 8% of ETH’s total supply.