BitMine buys additional $127m ETH as Ethereum treasury companies double down
BitMine is aggressively increasing its ETH holdings, further positioning itself as a major force in the Ethereum treasury space.
- Ethereum treasury company BitMine buys 25,369 ETH worth $127 million, pushing its total corporate holdings to 2.65 million ETH.
- Aggressive treasury strategy continues, with the firm aiming to control up to 5% of Ethereum’s circulating supply through steady accumulation.
- Another treasury firm BitDigital is seeking to raise $100 million through a convertible note to expand its ETH reserve, signaling growing institutional competition in ETH treasuries.
BitMine has expanded its Ethereum holdings with a fresh purchase of 25,369 ETH valued at $107 million. On-chain data from September 30 shows the assets were transferred from FalconX to a newly created wallet linked to the firm.
Just hours earlier, BitMine moved 4,985 ETH, worth about $21 million, from OKX to another fresh wallet. Taken together, the two transactions total $127 million worth of ETH added to its treasury in under 24 hours, according to on-chain tracker Lookonchain on X.
The technology company’s recent buys fit into a broader strategy that has made it the largest Ethereum holder among corporate treasuries. The firm now controls roughly 2.65 million ETH, valued at over $10.8 billion, representing about 2.19% of Ethereum’s current circulation.
Earlier this year, BitMine revealed its goal of eventually holding up to 5% of Ethereum’s total supply, a bold treasury move championed by Chairman Tom Lee as a way to benefit from power-law effects and long-term network value. The firm’s aggressive, Ethereum-first approach is also prompting other treasury companies to increase their ETH reserves, sparking a race among public firms to secure exposure.
BitDigital deepens Ethereum treasury bet as BitMine leads
In a separate move, BitDigital, another corporate Ethereum treasury company, is expanding its ETH holdings. The firm has announced a new $100 million convertible note offering, with nearly all proceeds earmarked for Ethereum purchases and expanding its reserve.
BitDigital already holds over 120,000 ETH, valued at more than $484 million, making it the 7th largest corporate ETH treasury. This marks a major shift for the company, which previously concentrated on Bitcoin mining before pivoting to an Ethereum-centered strategy and staking operations earlier this year.
Their strategy centers on raising capital through both equity and debt to continually build their Ethereum reserves, capture blockchain growth, and generate staking yields. This move aligns BitDigital with a growing trend among institutions seeking direct exposure to Ethereum’s network and utility, rather than just holding Bitcoin as a treasury asset.
Combined, corporate Ethereum holdings now stand at roughly 5.5 million ETH, worth about $22 billion at current prices. With firms like BitMine and BitDigital doubling down on accumulation, this figure is positioned to grow further, reinforcing ETH’s place as a top corporate treasury asset.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A decade-long tug-of-war ends: "Crypto Market Structure Bill" sprints to the Senate
At the Blockchain Association Policy Summit, U.S. Senators Gillibrand and Lummis stated that the "Crypto Market Structure Bill" is expected to have its draft released by the end of this week, with revisions and hearings scheduled for next week. The bill aims to establish clear boundaries for digital assets by adopting a classification-based regulatory framework, clearly distinguishing between digital commodities and digital securities, and providing a pathway for exemptions for mature blockchains to ensure that regulation does not stifle technological progress. The bill also requires digital commodity trading platforms to register with the CFTC and establishes a joint advisory committee to prevent regulatory gaps or overlapping oversight. Summary generated by Mars AI. The accuracy and completeness of this summary, generated by the Mars AI model, is still being iteratively updated.
Gold surpasses the $4,310 mark—Is the "bull frenzy" returning?
Boosted by expectations of further easing from the Federal Reserve, gold has risen for four consecutive days. Technical indicators show strong bullish signals, but there remains one more hurdle before reaching a new all-time high.
Trend Research: Why Are We Still Bullish on ETH?
Against the backdrop of relatively accommodative expectations in both China and the US, which suppress asset downside volatility, and with extreme fear and capital sentiment not yet fully recovered, ETH remains in a favorable "buy zone."
Trending news
MoreCrypto prices
More
