Bitmine Dominates ETH Accumulation as Treasury Holdings Approach 5% of Total Supply

Corporate treasuries are quietly cornering the Ethereum market—and one name is leading the charge.

The Strategic Hoard

Forget retail FOMO. The real accumulation story is playing out in corporate boardrooms and on institutional balance sheets. A select group of companies, led by crypto-native mining giant Bitmine, is systematically pulling ETH off the open market. Their combined holdings are inching toward a critical threshold: control of nearly 5% of the entire circulating supply. That's not just a vote of confidence; it's a strategic land grab for network influence and future yield.

Why the Rush to Lock It Down?

The motives are a potent mix of speculation and utility. Staking rewards offer a yield that would make a traditional CFO blush—if they could get past the volatility, of course. More importantly, holding a significant stake is a direct bet on Ethereum's future as the foundational settlement layer for everything from DeFi to tokenized real-world assets. It's a hedge, an income stream, and a seat at the governance table, all wrapped in one digital asset. As one analyst quipped, "It's the modern equivalent of buying up Manhattan—if Manhattan also paid you rent."

The Supply Shock Calculus

This isn't passive buying. It's a deliberate strategy with clear market implications. Every ETH moved to a corporate treasury is one less token available for trading on exchanges. This steady reduction in liquid supply, against a backdrop of ongoing network usage and burn, tightens the market mechanics. It creates a structural bid underneath the price, setting the stage for potential volatility when demand inevitably picks up. The math is simple: shrinking available supply plus steady or growing demand equals upward pressure.

While Wall Street debates Fed policy, a quieter but equally powerful financial engineering is underway on-chain. The race for digital asset sovereignty has moved from nation-states to corporate treasuries. Whether this leads to greater stability or unprecedented concentration of power remains the multi-billion dollar question—one that traditional finance is just starting to price in, about five years too late.

The treasuries control 4.7% of the supply, with more growth expected in the coming months. Around 70% of that supply is in the reserves of Bitmine (BMNR). The leading treasury itself aims to hold 5% of all ETH in circulation. 

Bitmine remains the key ETH reserve buyer

Bitmine remains the most regular buyer in the past few weeks. The company logged five significant ETH purchases in the past month, expanding its treasury by 13.2%. 

At the same time, legacy treasuries are being sold. Status, a company that held one of the biggest ICOs in 2017, sold 6.2% of its treasury, though still retaining 11.2K ETH. 

Bitmine now holds some of the biggest concentrated treasuries of ETH, or around 3.78% of the supply. The treasury company is ahead of exchange and whale wallets when it comes to staking, liquid staking, or other wrapped forms of ETH. 

For now, Bitmine holds the ETH passively, but the company recently shared that staking may begin in 2026. Bitmine shared plans to build a US-focused staking network, running a high-profile validator. As a validator, Bitmine may draw in an even bigger stake of ETH under its influence. 

Solana stakers may FORM a similar set of validators, though at a smaller scale compared to ETH. Validators can then gain influence and offer additional passive income. 

Unlike other treasuries, ETH and SOL treasuries will have utility, while also supporting network security. 

ETH crashes below $3,000 as market remains fearful

ETH is one of the least volatile treasury assets. Despite this, in the short term, ETH is pressured by selling and bearish expectations. 

After the latest week of market weakness, ETH dipped under $3,000 again in the past few days. The token sank to a one-week low of $2,942.40.

Despite accumulation by whales, ETH is also feeling selling pressure from ETFs, as well as older holders. Recently, BlackRock deposited over $220M in ETH to Coinbase Prime, potentially adding to the selling pressure. 

Another large-scale whale fully exited his spot position of over 10K ETH. The selling offset the most recent Bitmine addition of $140M in ETH purchases. While buying the dip shows long-term confidence, in the short term, sellers are capable of crashing the price and causing liquidations. ETH still trades with a fearful sentiment, as crypto use cases and utility are getting re-evaluated.

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