BitMine Tops Corporate Stake With 1.87M Ethereum Holding

BitMine’s latest purchase highlights how quickly Ethereum holdings are becoming central to corporate treasury strategies. In a single move, the company bought 14,665 ETH from Galaxy Digital for about $65 million. That brings its total to 1.87 million ETH with a market value of $8.32 billion. No other corporate holder is close. SharpLink Gaming, the runner-up, holds less than half that.

Growth in Ethereum Treasury Strategy Since Mid-2025

BitMine only began building its Ethereum treasury in mid-2025. In a matter of months it has secured over 1.5% of Ethereum’s total circulating supply. Alongside that, it holds 192 Bitcoin and more than $600 million in cash, but those positions are overshadowed by the Ethereum bet. Compared to earlier Bitcoin-focused strategies from firms like MicroStrategy, this buildup looks aggressive.

Tom Lee, BitMine’s chairman, has outlined a bold target he calls the “Alchemy of 5%.” The aim is to eventually hold 5% of the total Ethereum supply, or roughly 6 million ETH. With 1.87 million ETH already secured, BitMine has reached about a third of that goal in record time. Lee’s thesis is that Ethereum could become the underlying settlement layer for Wall Street and even AI-driven systems. On that basis, he sees potential price ranges between $12,000 and $22,000, and in some cases even higher.

Ethereum Holdings and Shrinking Exchange Supply

At the corporate level, 65 firms together hold 2.73 million ETH, about 2.3% of circulating supply. On top of that, 68 million ETH, more than half the supply, is locked in staking. Exchange balances have dropped from nearly 30% of total supply a few years ago to just 12% now. Put together, the amount of liquid ETH available for active trading has been steadily shrinking, which increases the effect of corporate buying.

The corporate appeal of Ethereum goes beyond its role as a scarce asset. Unlike Bitcoin, Ethereum can generate yield. Staking rewards range between 4% and 6% annually, and companies can also put their holdings to work in decentralized finance protocols. This dual benefit of growth potential and income stream makes Ethereum an attractive fit for balance sheets. Analysts at Standard Chartered and other institutions point to this “productive asset” feature as a major edge over Bitcoin.

SharpLink Gaming, with over 837,000 ETH, continues to add more. The Ether Machine is preparing for a Nasdaq listing with nearly half a million ETH. BlackRock’s iShares ETH ETF already manages 3.6 million ETH, putting it close to Coinbase’s reserve levels. Smaller players, from Yunfeng Financial to Propanc Biopharma, are also making direct purchases. Together these moves show how Ethereum is being treated as a long-term corporate asset.

Potential DeFi Growth Cycle Driven by Corporate

Analysts argue it could fuel a new cycle of growth in decentralized finance as corporate treasuries chase yields, creating something like a “DeFi Summer 2.0” but at a much larger scale. At the same time, some market watchers caution that not every company entering the space is doing so for sound reasons. A few may simply be seeking a short-term bump in valuation. 

For companies like BitMine, it represents digital infrastructure. There is the foundation for payments, settlement, and applications. The combination of scarcity, utility, and yield is powerful. In some ways this moment mirrors the corporate embrace of gold decades ago, except Ethereum offers both the store-of-value function and a built-in income stream. BitMine’s aggressive accumulation signals how far corporate holders are willing to go to secure a role in this shift. It also shows how quickly supply dynamics can tighten when institutions move in.