BitMine Smashes Records: First to Amass 1M ETH ($5B+) in Crypto Domination

Move over, Wall Street—BitMine just rewrote the crypto playbook. The institutional giant has crossed a threshold that makes traditional finance flinch: 1 million ETH in its war chest, valued north of $5 billion.

Why it matters: This isn’t just a flex—it’s a seismic shift in asset allocation. While hedge funds debate 'digital gold,' BitMine’s vault now holds enough Ethereum to bankroll a small nation (or at least buy a few senators).

The fine print: That $5B valuation? Volatile as a meme stock. One bad regulatory tweet could vaporize 20% by lunch—welcome to crypto’s high-stakes casino. But for now, the house is winning. Hard.

Treasury competition accelerates

BitMine now leads the Ethereum treasury sector, surpassing SharpLink Gaming’s 728,804 ETH holdings. 

SharpLink reportedthat 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 thelists 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 indicateroughly $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.