Bitmine, the crypto firm led by Wall Street veteran Tom Lee, has boosted its Ethereum holdings once again. The company purchased 15,427 ETH (worth around $69M) through Galaxy Digital’s over-the-counter (OTC) desk, bringing its total stash to roughly 1.95 million ETH, valued at $8.66 billion, according to Arkham data.
The blockchain records indicates that a few huge transfers are made within a short period of time, such as 3,247 ETH ($14.55M), 3,258 ETH ($14.6M), 4,494 ETH ($20.06M), and 4,428 ETH ($19.77M).
The total 15,427 ETH ($69M) moved in under an hour, highlighting coordinated OTC settlements that allow institutions to buy large amounts without affecting open-market prices.
Bitmine leads Ethereum corporate treasuries
This latest buy pushes Bitmine’s total holdings over 2 million ETH, or about 1.8% of Ethereum’s circulating supply. It now ranks as the largest corporate ETH treasury, far ahead of competitors like SharpLink Gaming (838,000 ETH) and The Ether Machine (495,000 ETH). Other portfolio assets, such as MakerDAO’s MKR and experimental tokens, are minimal compared to ETH.
The aggressive approach of Bitmine resembles that of Strategy under Michael Saylor, where the company can accumulate in large volumes to make ETH a long-term treasury reserve.
Ethereum treasuries gain momentum
Recently, the Ether Machine applied to be taken public through a SPAC merger, and SharpLink Gaming bought almost 1.94 million shares, claiming undervaluation. Analysts believe that Ethereum treasuries will gain staking yields, which increases long-term value over Bitcoin.
Since June, Ethereum treasuries have accumulated around 3.1% of the circulating supply. With ongoing corporate interest and strategic buybacks, ETH-focused firms appear well-positioned for growth even as prices remain under pressure.
At the time of writing, Ethereum is trading at $4,477, having fallen by 1.5% and 5.2% in the last 24 hours and week respectively.
Also Read: BitMine Amasses $10.8B, Becomes Biggest Ethereum Holder