Daniel Walker
Ethereum treasury firm BitMine Immersion Technologies (BMNR) announced that its combined crypto and cash reserves have surged to $8.82 billion, driven by its massive 1,713,899 ether holdings valued at approximately $7.9 billion. This milestone officially makes BitMine the largest corporate holder of ETH worldwide.
The company began its ETH-denominated treasury program in late June and has rapidly increased purchases over the past several weeks. On Monday, BitMine reaffirmed its ambitious target of acquiring up to 5% of Ethereum’s total supply, signaling strong confidence in long-term ETH adoption.
Recent buying activity boosted BitMine’s ether balance by more than 190,500 tokens, raising its stash from 1.52 million ETH to 1.71 million ETH in just a week. This expansion added $2.2 billion to its reserves, climbing from $6.6 billion to $8.82 billion.
As of August 24, BitMine’s treasury also included 192 bitcoin and $562 million in cash reserves. Notably, its total assets are approaching its current market capitalization of $9.2 billion.
Growing Institutional Demand for Ethereum
The rise of corporate ETH treasuries reflects a broader surge in institutional interest throughout the summer. ETHZilla, a Peter Thiel-backed Ethereum treasury fund, expanded its portfolio to 102,237 ETH alongside $215 million in cash or equivalents.
Similarly, SharpLink Gaming invested $667 million to grow its ETH position. Altogether, public companies now hold more than $12 billion in ether, representing over 2% of the total 120.7 million ETH supply, according to PRIME’s data.
Competing With Major Digital Asset Treasuries
BitMine positions itself as the second-largest digital asset treasury globally, trailing only MicroStrategy (MSTR), which recently increased its bitcoin holdings to 632,457 BTC. The company also highlighted that its stock is among the most liquid U.S. equities, averaging $2.8 billion in daily trading volume.
Market Impact
Despite the headline announcement, BMNR shares remained steady in pre-market trading, while Ethereum’s price dipped by over 2% to $4,640, based on PRIME’s market data.
