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Corporate crypto treasuries are no longer a Bitcoin-only story. Ethereum is quietly becoming the asset of choice for firms that want exposure to the next phase of onchain finance. And BitMine is leading that charge in a very visible way.
The Ethereum-focused treasury firm led by Tom Lee has added another $88 million worth of ETH to its balance sheet, reinforcing its status as the largest corporate holder of Ethereum in the world.
According to onchain data cited by analysts, BitMine acquired roughly 29,462 ETH on Monday through BitGo and Kraken. The transactions were highlighted using data from Arkham, although the firm has not publicly confirmed this specific batch of purchases.
What is confirmed is the scale of BitMine’s accumulation. The company disclosed earlier this week that it purchased 98,852 ETH just last week alone, continuing an aggressive buying pattern that has defined its strategy throughout the year.
With the latest additions, BitMine now holds a staggering 4,066,062 ETH. The company reports an average acquisition price of $2,991 per ether, putting the total treasury value at roughly $12 billion based on current market prices.
That figure matters. At this scale, BitMine is not just another institutional buyer. It is shaping market dynamics by removing a meaningful chunk of ETH from circulation and holding it with long-term conviction.
What this really means is that BitMine is not treating Ethereum as a short-term trade. The firm has been explicit about its ambition to capture 5 percent of Ethereum’s circulating supply, a goal it internally refers to as the alchemy of 5 percent.
According to Lee, the rationale goes beyond price appreciation. BitMine sees Ethereum as the backbone of tokenization, decentralized finance, and Wall Street’s gradual migration onto blockchain rails. The company positions itself as a bridge between traditional finance and the DeFi ecosystem, working closely with builders and infrastructure players shaping Ethereum’s future.
Despite the headline-grabbing accumulation, the market response was relatively subdued. BitMine’s NYSE-listed stock, BMNR, closed down 0.86 percent on Monday at $31.09. At the same time, Ethereum itself slipped 3.42 percent over the past 24 hours, trading near $2,923 at the time of writing.
That disconnect is worth watching. While short-term price action remains choppy, BitMine’s steady accumulation signals a longer-term institutional thesis that Ethereum’s role in global finance is still underappreciated.
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