BitMine Crowned Global Ethereum Treasury King with $2.9B Stash – Largest On-Chain Holdings Ever

Move over nation-states – BitMine just flexed its institutional dominance with a record-breaking Ethereum treasury position.

The crypto asset manager now holds $2.9 billion worth of ETH across its vaults, surpassing sovereign wealth funds and corporate treasuries. This isn't just accumulation – it's a strategic power play in decentralized finance's infrastructure layer.

Market analysts note the holdings represent ~3% of all circulating ETH. 'When an entity controls this much of the native asset,' quips one trader, 'they're not just investing – they're building an empire with extra steps.'

The revelation comes as Ethereum's institutional adoption hits new highs – though skeptics whisper about concentration risks in what's supposed to be a decentralized ecosystem. After all, nothing says 'trustless' like a single entity hoarding billions in crypto while traditional finance watches from the sidelines.

Why BitMine is betting big on Ethereum.

BitMine’s aggressive accumulation strategy appears to be driven by the conviction that staking will soon become one of the most dependable sources of return in digital markets. Chairman Thomas emphasized in the press release that once staking begins, BitMine’s earnings profile will shift dramatically, positioning the company to bolster shareholder value in a manner following Michael Saylor’s Strategy.

Investors appear to be aligned with the vision. Per the press release, BitMine’s stock (BMNR) has become one of the most actively traded equities in the U.S., with $1.6 billion in average daily volume over the past five days, rivaling blue chips like Uber.

At the same time, high-profile backers are doubling down: Peter Thiel-linked entities acquired a 9.1% stake earlier this month, while Cathie Wood’s ARK Invest has been accumulating shares at a breakneck pace.

Last week, ARK scooped up an additional $17 million in BMNR stock across its flagship ETFs, adding to the $20 million purchase four days prior and a $182 million buy the week before. The buying spree suggests institutional conviction in BitMine’s ability to execute its Ethereum strategy where others have hesitated.

Meanwhile, SharpLink, BitMine’s closest rival in corporate ETH accumulation, holds 480,031 ETH, worth $1.65 billion, after adding $54 million worth on August 3.