BitMine Expands Ethereum Treasury to 2.1 Million Tokens in $69M Accumulation

BitMine Immersion Holdings has once again reinforced its position as the largest corporate holder of Ethereum by acquiring 15,427 ETH, valued at roughly $69 million, in transactions routed through Galaxy Digital. The purchases, identified by Arkham Intelligence, revealed a series of large over-the-counter transfers designed to prevent slippage in open markets. These included trades of 3,247 ETH, 3,258 ETH, 4,494 ETH, and 4,428 ETH, together forming part of a broader accumulation strategy.

Following the transactions, BitMine’s total Ethereum treasury has climbed to around 2.1 million tokens, with a market value close to $9.6 billion. Ethereum now makes up nearly the entirety of the firm’s balance sheet, with only negligible allocations to MakerDAO’s MKR and a handful of illiquid experimental tokens. The scale of the holdings places BitMine well ahead of other corporate entities in the Ethereum treasury sector. SharpLink, its closest peer, holds 837,230 ETH worth approximately $3.74 billion, while Coinbase’s treasury accounts for 136,782 ETH, and the Ethereum Foundation maintains about 225,000 ETH.

BitMine has been an aggressive buyer throughout September, previously receiving 46,255 ETH worth $201 million from BitGo and an additional 80,325 ETH worth $358 million from FalconX and Galaxy Digital earlier this month. Analysts suggest the firm is positioning itself to eventually control 5% of Ethereum’s total circulating supply, a level of concentration that would cement its role as a dominant player in digital asset treasuries.

The accumulation of Ethereum by treasury firms is part of a broader trend identified by Standard Chartered. Geoffrey Kendrick, the bank’s global head of digital assets research, has argued that Ethereum is uniquely suited to the treasury model thanks to its proof-of-stake design and staking rewards. He noted that ETH’s roughly 3% staking yield enhances market-to-net asset value for treasury firms in a way Bitcoin or Solana cannot match. “I think the ETH DATs have the highest probability of being sustainable, and therefore, ETH buying by DATs can continue at pace,” Kendrick said, referencing companies like BitMine, SharpLink, and Ether Machine.

According to Standard Chartered estimates, Ethereum treasuries have acquired more than 2.6% of all ETH in circulation since June, while newly launched spot Ethereum ETFs have absorbed an additional 2.3%. Combined, these acquisitions have contributed to ETH’s rally to an all-time high of $4,955 in late August. Despite a recent pullback, Kendrick remains bullish, projecting ETH to reach $7,500 by the end of 2025 and $25,000 by 2028.

At present, Ethereum is trading near $4,466.50, down 1.16% on the day and 5.25% over the week, but still up nearly 4% for the month. For BitMine, the latest purchases confirm a conviction strategy: accumulate aggressively during market dips and leverage Ethereum’s staking mechanics to generate sustainable yield for long-term growth.