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Bitmine Becomes 2nd Largest Crypto Treasury Company: Now Holding $6.6B In Ethereum

by admin August 20, 2025

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BitMine, a publicly traded company renowned for its bold treasury strategy, has officially become the second-largest crypto treasury company in the world. The firm now holds more than $6.6 billion worth of Ethereum (ETH), totaling 1.52 million tokens — a staggering 1.26% of the total ETH supply.

This milestone underscores BitMine’s aggressive accumulation strategy, which has set it apart from other institutions and corporate treasuries in the crypto space. What makes this move even more significant is BitMine’s long-term vision: the company has set a target of holding 5% of Ethereum’s total supply, meaning they are already 25% of the way toward their ambitious goal.

The announcement sends a strong signal to markets and institutional investors. Ethereum’s growing role as both a financial and technological backbone of Web3 is attracting corporations to treat ETH not just as an asset, but as a strategic reserve. BitMine’s approach mirrors the conviction once seen in Bitcoin-focused treasury strategies, but it places Ethereum front and center in the evolving digital asset economy.

BitMine Becomes The Leading Ethereum Treasury

BitMine has cemented its position as the largest Ethereum treasury in the world, now holding over $6.6 billion worth of ETH, up from $4.9 billion just last week. This rapid increase highlights the company’s aggressive accumulation strategy and its conviction in Ethereum’s long-term value. The treasury currently accounts for 1.52 million ETH, making BitMine the undisputed leader in Ethereum corporate holdings.

BitMine Latest Crypto Transactions | Source: Arkham Intelligence

Globally, BitMine now ranks as the second crypto treasury company overall, second only to Michael Saylor’s Strategy, which dominates Bitcoin holdings. This milestone underscores the shifting landscape of institutional crypto adoption, where Ethereum is increasingly being recognized as more than just the leading smart contract platform — it is becoming a core reserve asset.

Notably, BitMine now holds more ETH than Sharplink Gaming, The Ether Machine, and The Ethereum Foundation combined. This marks a turning point in the treasury race, where corporations are no longer competing on Bitcoin alone but are diversifying into Ethereum at unprecedented levels.

This growing trend is likely to continue as ETH gains momentum, supported by strong institutional demand, ETF inflows, and broader adoption across decentralized finance and real-world asset tokenization. Analysts believe that if BitMine maintains its current pace, its treasury strategy could reshape how companies manage long-term reserves in the digital economy.

ETH Facing Critical Test

Ethereum is currently trading near $4,310 after a sharp retrace from its recent peak above $4,790. The chart highlights that ETH has entered a consolidation phase after weeks of strong bullish momentum, with price now testing key support levels.

ETH is trading above key demand levels | Source: ETHUSDT chart on TradingView

The 50-day moving average is trending upward and currently sits near $3,560, well below current price levels, signaling that the broader bullish structure remains intact. Meanwhile, the 100-day and 200-day moving averages at $3,048 and $2,575, respectively, also confirm strong long-term support. This alignment suggests that despite the pullback, Ethereum’s broader trend is still positioned for growth.

If ETH manages to hold this level, a rebound back toward resistance at $4,600–$4,800 is likely in the short term. However, a breakdown below support could open the door for a deeper retrace toward $3,800. The coming sessions will be key to determining direction.

Featured image from Dall-E, chart from TradingView

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August 20, 2025 0 comments

Crypto Trends

Google Becomes Largest Shareholder in TeraWulf

by admin August 19, 2025

Tech giant Google has become the largest shareholder of TeraWulf, holding 14% of shares, after receiving more stock in exchange for increasing its backstop in the lease deal between the Bitcoin miner and AI infrastructure provider Fluidstack.

TeraWulf disclosed in a shareholder call on Thursday that it inked a 10-year colocation lease agreement with Fluidstack. Google is supporting the lease obligations through a financial guarantee known as a backstop and receiving warrants to purchase shares in return.

Speaking to Cointelegraph, Kerri Langlais, the chief strategy officer of TeraWulf, said Google’s backstop in the agreement has now increased to $3.2 billion total in return for warrants to purchase over 73 million shares in TeraWulf, representing a 14% stake in the company.

Source: TeraWulf

Langlais added that Google’s new equity makes it TeraWulf’s largest shareholder, providing a “powerful validation from one of the world’s leading technology companies,” and highlighting “the strength of our zero-carbon infrastructure and the scale of the opportunity ahead.”

Google’s backstop safeguards the deal

TerraWulf said in a statement on Monday that Fluidstack exercised an option in the deal to expand at TeraWulf’s Lake Mariner data center campus in New York with a new purpose-built data center, due to start operation in the second half of 2026.

Langlais told Cointelegraph the financial backstop supports Fluidstack’s long-term lease commitments at Lake Mariner, and if the AI company could not meet its financial obligations, Google would step in with the $3.2 billion.

“This is not a guarantee of TeraWulf’s corporate debt, nor do we have access to those funds,” she said.

“The backstop is tied exclusively to contracted AI and high-powered computing lease revenues and is unrelated to our Bitcoin mining operations.”

TeraWulf plans to maintain Bitcoin mining platform

A growing number of Bitcoin (BTC) miners have been diversifying income streams by shifting their energy capacity toward AI and high-power computing (HPC) hosting services after the April 2024 halving cut mining rewards to 3.125 Bitcoin, hurting overall profitability.

Langlais said in the future, TeraWulf plans to maintain, but not expand, its Bitcoin mining platform at Lake Mariner, with a focus on “execution: building, hosting, and delivering for our partners and our shareholders.”

“In the near term, mining generates cash flow and provides a valuable resource to the electrical grid, as its flexible load can be rapidly adjusted to support stability and reliability.”

However, over the medium to long term, the firm sees “greater value in transitioning those megawatts” to AI and HPC workloads, where long-term contracted revenues with blue-chip partners such as Fluidstack and Google “will drive growth and value creation.”

In an August 2024 report, asset manager VanEck estimated that if publicly traded Bitcoin mining companies shifted 20% of their energy capacity to AI and HPC by 2027, they could increase additional yearly profits by $13.9 billion over 13 years.

TeraWulf has projected its agreement with Fluidstack to generate $6.7 billion in revenue, potentially reaching $16 billion through lease extensions.

TeraWulf stock price on the rise

In the Monday trading session, TeraWulf’s stock (WULF) staged a rally to $10.57, representing a 17% increase over the previous close of $8.97.

Related: Bitcoin miner BitFuFu mines 445 BTC for its biggest production month

However, by the end of the session, the miners’ share price had settled at $9.38 and lost a further 1.28% after the bell.

TeraWulf’s stock staged a rally early in the trading session on Monday, but had settled by the close of business. Source: Google Finance

Since TeraWulf first announced its agreement with Fluidstack on Thursday, its stock price has registered a more than 72% gain in the last five days.

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August 19, 2025 0 comments

GameFi Guides

The 7 Largest Publicly Traded Ethereum Treasury Firms

by admin August 17, 2025

In brief

Publicly traded companies are now racing to accumulate Ethereum.
Firms with strategic ETH reserves now account for more than 3% of the entire ETH supply.
The top holders include BitMine Immersion Technologies, SharpLink Gaming, and Coinbase.

The trend of publicly traded companies adopting crypto treasury strategies may have started with Bitcoin, but it has since expanded to a wide variety of digital assets—including the second-largest crypto asset by market cap, Ethereum.

Now the race to accumulate ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are championing public firms as they rally around Ethereum and its future.

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries maintain more than 3.7 million ETH valued at nearly $17 billion, as of this writing, and more than 3% of the entire supply. These are the biggest holders as of this writing.

1. BitMine Immersion Technologies

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July when the firm detailed plans for an Ethereum treasury.

Formerly focused on Bitcoin mining, BitMine (BMNR) first secured a $250 million private investment in public equity (PIPE) fundraising round to begin its ETH purchases.

Since that time, it hasn’t looked back, acquiring 1,150,263 ETH or more than $5 billion worth as of this writing.

The aggressive buying spree has coincided with Lee’s seemingly unfathomable ETH price predictions, which include calls for $60,000 ETH. That’s a sizable multiple of the current price.

After planning a raise of $4.5 billion to accumulate the asset, Lee and company upsized their offering by $20 billion in August as BitMine aims to expand its already industry-leading Ethereum treasury.

2. SharpLink Gaming

Gambling marketer turned Ethereum treasury company SharpLink Gaming holds the second-largest publicly traded ETH treasury.

The firm maintains 728,804 ETH, or $3.2 billion as of its latest release—around 73% of the way to its first stated goal of accumulating 1 million ETH.

While SharpLink’s existing business did not have immediate ties to crypto, it brought on direct ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company, Consensys, the maker of popular crypto wallet, MetaMask.

(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt)

Lubin and company have followed BitMine in a relentless pursuit of Ethereum, raising funds in a variety of ways including a recent $400 million direct offering, plus plans to collect up to $6 billion via stock sales.

In July, the firm added BlackRock’s former head of digital asset strategy Joseph Chalom as its newly appointed CEO.

3. The Ether Machine

There’s no questioning the business of The Ether Machine, a firm made public via a merger of The Ether Reserve, LLC and a blank-check company earlier this year.

The third-largest treasury on the list, The Ether Machine currently holds 345,362 ETH, or $1.5 billion at today’s ETH prices.

Funded with startup capital and approximately 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine stated a mandate to put its ETH to work on-chain or create a “machine” to grow its stash, differentiating it from more passive accumulation vehicles.

It most recently acquired around $40 million worth of ETH using cash from a previously established private placement. At the time of inception, it expected to pull in around $1.6 billion in total proceeds to use to fund Ethereum purchases.

4. Coinbase

Leading American crypto exchange Coinbase maintains an investment of around $602 million or 136,782 ETH, according to its most recent 10-Q filing. That is more than 20,000 ETH greater than it ended 2024 with when it held 115,700 ETH based on an end of year 10-K filing.

The firm also holds more than 11,000 Bitcoin as an investment, placing it among the top publicly traded holders of the largest crypto asset, as well.

First hitting the public markets in 2021, shares in Coinbase made a new all-time high in July 2025 as crypto firms continued a streak of success alongside traditional equities.

5. Bit Digital

Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. In just a few short months, it’s quickly added to its stash, jumping from 30,663 ETH at the end of June to 121,076 ETH as of August 11—now valued at more than $530 million.

As part of its transition, the firm is ending its Bitcoin mining operations and redeploying funds towards ETH accumulation. Public markets didn’t react strongly to the strategy shift, as shares of BTBT have gained just 2.63% year-to-date.

6. ETHZilla

Biotech firm 180 Life Sciences rebranded its company to “ETHZilla,” as it shifted focus to a digital assets treasury centered on Ethereum.

The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings, acquiring 82,186 ETH as of August 12, valued around $362 million at today’s ETH prices.

A few weeks later, shares in ETHZilla (ATNF) quickly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company.

As for its unique name? Chairman of the board McAndrew Rudisil told Decrypt in July that it “comes from our focus to be one of the largest holders of ETH in the world.”

7. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,140 ETH, worth around $309 million as of mid-August.

The firm boasts a proactive strategy to acquire more Ethereum, putting its ETH to work on-chain using what is described as a “powerful DeFi/TradFi financial model” to generate value for shareholders.

In addition to acquiring ETH, the firm also bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

BTCS posted record revenues in Q2 of $2.77 million, marking a 394% increase year-over-year. Shares are up nearly 90% year-to-date.

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August 17, 2025 0 comments