Bitmine Expands Ethereum Holdings With $69M Purchase, Now Controls Nearly 2% of ETH Supply

Tom Lee’s crypto firm Bitmine has continued its aggressive Ethereum accumulation strategy, adding another $69 million worth of ETH to its treasury. The purchase, executed through Galaxy Digital’s over-the-counter (OTC) desk, pushes Bitmine’s total holdings to 1.95 million ETH valued at approximately $8.66 billion, according to Arkham Intelligence.

The move cements Bitmine’s role as the largest corporate Ethereum holder, drawing comparisons to MicroStrategy’s long-standing bitcoin accumulation strategy.

Details of the Latest Acquisition

Blockchain transaction data revealed a series of large transfers between Galaxy Digital and Bitmine in the last 24 hours. The settlements included:

• 3,247 ETH ($14.55 million)

• 3,258 ETH ($14.6 million)

• 4,494 ETH ($20.06 million)

• 4,428 ETH ($19.77 million)

In total, 15,427 ETH worth about $69 million was transferred in under an hour. The structured timing of the trades suggests coordinated OTC settlements designed to minimize market disruption while allowing Bitmine to acquire large quantities.

Bitmine Crosses 2M ETH Threshold

With its latest purchases, Bitmine’s Ethereum stash has now crossed the 2 million ETH mark, giving the company control of nearly 1.8% of Ethereum’s circulating supply.

Ethereum dominates Bitmine’s portfolio, accounting for nearly its entire $8.66 billion treasury. By comparison, the firm’s other token holdings are minimal, consisting of small amounts of MakerDAO’s MKR and a few experimental assets worth only thousands of dollars.

A Pattern of Aggressive Buying

Bitmine’s latest purchase follows a string of major acquisitions in September:

• On September 11, the firm received 46,255 ETH ($201 million) from a BitGo wallet.

• On September 4, it acquired 80,325 ETH ($358 million) through Galaxy Digital and FalconX.

These moves reflect a consistent strategy of large-scale Ethereum accumulation through OTC transactions. Collectively, Bitmine now holds more than 2.15 million ETH, valued at close to $9.59 billion at peak prices.

Institutional Ethereum Holdings on the Rise

Corporate and institutional entities are steadily increasing their Ethereum reserves. Treasury data shows that together, firms hold about 4.99 million ETH ($22.2 billion), representing 4.13% of Ethereum’s circulating supply.

Among these players:

• Bitmine leads with 2.15 million ETH.

• SharpLink Gaming follows with 838,000 ETH ($3.74 billion).

• The Ether Machine holds 495,000 ETH ($2.2 billion).

For comparison, the Ethereum Foundation holds only 225,000 ETH, while Coinbase’s treasury contains about 136,800 ETH.

Comparisons to MicroStrategy’s Bitcoin Strategy

Bitmine’s accumulation has sparked comparisons to MicroStrategy’s Michael Saylor, whose company pioneered large corporate bitcoin purchases as a treasury strategy. Much like MicroStrategy became synonymous with bitcoin adoption, Bitmine appears to be building a similar narrative for Ethereum.

By establishing a multi-billion-dollar ETH balance sheet, Bitmine may be positioning Ethereum as a corporate reserve asset and boosting its role in institutional finance.

Conclusion

With its latest $69 million acquisition, Bitmine has solidified its reputation as Ethereum’s largest institutional backer. Controlling nearly 2% of ETH’s circulating supply, the firm is not only shaping the conversation around corporate Ethereum adoption but also influencing how traditional finance views ETH as a long-term asset.

As institutional demand grows and Ethereum continues to evolve, Bitmine’s bold strategy may prove to be one of the defining plays in crypto treasury management.

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