BitMine’s $6.6B ETH Treasury Rockets to Second-Largest Crypto Holdings Worldwide

Mining giant's Ethereum vault now trails only MicroStrategy's monumental Bitcoin stash—and the gap's closing fast.

The $6.6 Billion Power Play

BitMine just dropped a nuclear-sized bet on Ethereum's future. That treasury didn't build itself—strategic accumulation meets sheer market conviction. They're not just holding digital gold; they're banking on the entire decentralized finance infrastructure.

Wall Street's Still Playing Catch-Up

Traditional finance execs are probably sweating over their spreadsheets right now. While they debate yield curves and inflation hedges, crypto-native companies are building war chests that rival national reserves. Guess which strategy's actually keeping pace with 21st-century asset valuation?

This isn't diversification—it's a declaration. Either Ethereum becomes the backbone of global finance, or someone's going to have a very awkward shareholder meeting. But hey, at least they didn't buy another office building.

BitMine’s Treasury Strategy: From Bold Vision to Market Leadership

For years, Bitcoin has dominated the corporate treasury conversation, with Michael Saylor’s MicroStrategy setting the bar as the largest corporate holder of BTC. However, BitMine has now carved its own lane, focusing its strategy on Ethereum accumulation. By doing so, the company has officially become the largest Ethereum treasury holder worldwide, surpassing notable entities like the Ethereum Foundation, The Ether Machine, and Sharplink Gaming combined.

What makes this milestone remarkable is BitMine’s long-term vision. The company has publicly declared its goal of holding 5% of Ethereum’s total circulating supply. With 1.26% already secured, BitMine is 25% of the way toward its target, positioning itself as a critical player in Ethereum’s institutional future.

Ethereum as a Strategic Reserve Asset

BitMine’s strategy underscores the changing perception of Ethereum at the institutional level. Traditionally, corporations that ventured into crypto treated Bitcoin as a “digital gold” and a hedge against inflation. Ethereum, by contrast, is now increasingly being recognized as a technological and financial backbone of Web3—the foundation of decentralized finance (DeFi), non-fungible tokens (NFTs), and real-world asset tokenization.

By treating ETH as a strategic reserve asset, BitMine is aligning itself with the broader narrative of Ethereum’s utility and future value. Much like how MicroStrategy championed bitcoin as a corporate treasury standard, BitMine is positioning Ethereum as a central pillar of the evolving digital economy.

Rapid Growth in Holdings

BitMine’s rise to the number two spot globally did not happen gradually. Just last week, the company’s Ethereum holdings were valued at $4.9 billion. In a matter of days, the figure surged to $6.6 billion, reflecting both aggressive accumulation and Ethereum’s resilient market performance.

This $1.7 billion increase in value highlights the company’s conviction in Ethereum’s long-term potential. Analysts suggest that such accumulation may have significant Ripple effects on market sentiment, encouraging other institutions to diversify into Ethereum rather than concentrating exclusively on Bitcoin.

Institutional Race for Crypto Treasuries

Globally, BitMine now ranks behind only MicroStrategy, which continues to dominate corporate crypto holdings with its massive Bitcoin reserves. However, BitMine’s emphasis on Ethereum represents a shift in the corporate treasury race, where companies are no longer competing exclusively in Bitcoin but are diversifying their digital asset strategies.

Ethereum’s unique role as the leading smart contract platform makes it particularly attractive for corporations looking to align with the infrastructure powering decentralized applications, tokenized assets, and payment rails of the future.

Market Impact of BitMine’s Accumulation

Ethereum’s market performance has mirrored its growing institutional demand. At the time of writing, ETH is trading around $4,310, after a recent pullback from its peak above $4,790. The retrace has led to consolidation, with the cryptocurrency currently testing critical support levels.

Technical indicators remain broadly bullish. The 50-day moving average (MA), trending upward NEAR $3,560, provides a strong cushion below current price levels. Meanwhile, the 100-day and 200-day MAs at $3,048 and $2,575 confirm that Ethereum’s long-term growth trajectory remains intact.

If Ethereum manages to hold its current support, analysts expect a rebound toward the $4,600–$4,800 resistance zone in the short term. However, a breakdown could trigger a deeper retracement toward $3,800 before resuming upward momentum.

Ethereum’s Institutional Momentum

BitMine’s aggressive accumulation strategy comes at a time when institutional adoption of Ethereum is rapidly expanding. The start of Ethereum ETFs, increasing inflows into digital asset funds, and broader adoption of ETH across DeFi and payment networks are strengthening Ethereum’s case as a long-term reserve asset.

In addition, Ethereum continues to benefit from the growth of real-world asset tokenization, where institutions tokenize assets such as treasuries, real estate, and commodities on the blockchain. As the leading platform for these initiatives, Ethereum’s demand profile is expected to expand further.

Looking Ahead: BitMine’s Ambition and Market Implications

If BitMine maintains its current pace, it could reshape how corporations approach digital asset treasuries. Its goal of capturing 5% of Ethereum’s supply may set a new benchmark for corporate strategy, forcing competitors and peers to reconsider their allocations.

Such aggressive accumulation could also tighten Ethereum’s supply dynamics, adding pressure on the available market float and potentially driving long-term price appreciation.

While volatility remains a defining feature of crypto markets, BitMine’s conviction signals a growing institutional belief that Ethereum will play a central role in the future of finance and technology. By prioritizing Ethereum over Bitcoin, BitMine is not just diversifying—it is rewriting the corporate playbook for digital asset treasuries.