BitMine has become the first corporate treasury to surpass 1 million Ethereum (ETH) in holdings after its stash climbed to 1.17 million ETH on Aug. 15, valued at over $5 billion.
The firm added 317,126 tokens worth approximately $2 billion in a single week. BitMine chairman Tom Lee said on August 4 that the firm intends to move with “lightning speed” in its pursuit to acquire 5% of ETH’s total supply.
Notably, the company launched its treasury strategy on June 30, growing from zero to over 1 million ETH in a little over a month.
Treasury competition accelerates
BitMine now leads the Ethereum treasury sector, surpassing SharpLink Gaming’s 728,804 ETH holdings.
SharpLink reported on August 15 that it raised over $2.6 billion in capital for ETH acquisitions and has staked nearly 100% of its holdings, generating cumulative rewards of approximately 1,326 ETH.
Data from the Strategic ETH Reserve lists 71 ETH-focused treasury firms collectively holding 3.7 million ETH valued at $16.3 billion, representing 3.06% of the total supply.
These companies indicate plans to allocate roughly $27 billion toward additional ETH acquisitions, which could push corporate holdings to 10% of total supply.
BitMine filed an amendment to expand its at-the-market equity program by $20 billion to fund continued acquisitions.
The aggressive strategy has driven significant stock performance, with shares surging up to over 1,100% and an average daily trading volume of $2.2 billion, ranking it 25th among all US-listed stocks.
Institutional adoption context
The rapid accumulation could be a sign of growing institutional recognition of Ethereum as foundational infrastructure for future financial systems.
The corporate broad view could align with BitMine’s understanding that staking ETH secures the network and generates yield while aligning firms with Ethereum’s long-term success.
On July 21, Cathie Wood’s Ark Invest shifted approximately $175 million from traditional crypto stocks like Coinbase and Robinhood into BitMine. The move demonstrates institutional confidence in Ethereum treasury strategies.
BitMine’s achievement positions it as the third-largest crypto treasury globally behind Bitcoin-focused Strategy and MARA Holdings.