BitMine Makes History: First ETH Treasury Company to Surpass 1M ETH Milestone (August 2025)

• How Did BitMine Dominate the ETH Treasury Race?
• Why Is ETH Suddenly a Hot Treasury Asset?
• SharpLink Gaming: Playing Catch-Up or Playing Smart?
• The ICO Whales Exit Stage Left
• Beyond ETH: The Altcoin Treasury Boom
• FAQs: Decoding the ETH Treasury Craze

BitMine (BMNR) has etched its name in crypto history by becoming the first treasury company to amass over 1.2M ETH, outpacing rivals like SharpLink Gaming. This aggressive accumulation aligns with its audacious goal to control 5% of Ethereum’s total supply. With BMNR shares hitting a one-month high and ETH treasuries gaining traction, the crypto market is buzzing. Here’s a deep dive into the strategy, the players, and what this means for ETH’s future.

How Did BitMine Dominate the ETH Treasury Race?

BitMine’s latest purchase of 317K ETH—its largest single acquisition to date—propelled its holdings to 1.2M ETH, cementing its lead in both recent activity and absolute holdings. According to data from, this puts BMNR ahead of competitors like SharpLink Gaming, which added a modest 79.6K ETH. The company’s founder, Tom Lee, a heavyweight in crypto circles, has been vocal about ETH’s potential as a treasury asset, a stark shift from earlier skepticism when giants like Grayscale offloaded ETH at bargain prices.

Why Is ETH Suddenly a Hot Treasury Asset?

Remember when ETH treasuries were considered a liability? Fast-forward to 2025, and they’re the golden goose for passive income. BitMine’s strategy hinges on generating yields through DeFi, staking, and liquid staking—a far cry from the "buy and pray" approach of yesteryears. TradingView charts show ETH’s price resilience even as anonymous whales cashed out at $4,300, suggesting institutional confidence is outweighing retail FOMO.

SharpLink Gaming: Playing Catch-Up or Playing Smart?

While BitMine steals headlines, SharpLink Gaming (SBET) is quietly building its ETH war chest, backed by $600M in cash reserves. Its latest 79.6K ETH purchase ($320M) signals a steadier, less aggressive approach. SBET’s stock rebound from $17.18 to $27.24 in August hints at investor Optimism ahead of its August 13 earnings report—where its ETH treasury bet will face scrutiny.

The ICO Whales Exit Stage Left

Here’s the irony: As BitMine and SharpLink hoard ETH, early ICO participants are dumping. One whale prepped 10K ETH for sale via an intermediary, likely capitalizing on the treasury-driven liquidity surge. It’s a classic "buy the rumor, sell the news" play—except the rumor is institutional adoption, and the news is still unfolding.

Beyond ETH: The Altcoin Treasury Boom

ETH isn’t the only beneficiary of this trend. SOL, BNB, LTC, and even meme coins like BONK are seeing treasury inflows. The crypto rally has turned treasury stocks into fundraising darlings, with BTCC analysts noting a 40% spike in related trading volumes. But caveat emptor: This isn’t 2021’s reckless speculation. Treasuries are now about predictable cash flows, not moon shots.

FAQs: Decoding the ETH Treasury Craze

What’s driving BitMine’s ETH accumulation?

BitMine aims to control 5% of ETH’s supply for passive income via staking/DeFi—a strategy championed by founder Tom Lee.

How does SharpLink’s approach differ?

SharpLink prefers smaller, regular ETH buys, leveraging its $600M cash cushion for flexibility.

Are ETH treasuries a bubble?

Not necessarily. Unlike 2021’s hype, current demand ties to tangible yield opportunities, perdata.