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Ethereum Treasury ETHZilla Reveals $250 Million Buyback After Stock Craters

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In brief

  • Ethereum treasury company ETHZilla has announced a $250 million stock buyback program.
  • The firm’s stock is down by more than 50% over the last week, evaporating most of its recent gains.
  • Ethereum recently hit a new all-time high price, breaking a record that stood since 2021.

ETHZilla Corporation—a publicly traded Ethereum treasury firm formerly known as 180 Life Sciences—announced Monday that its board has authorized a stock repurchase program of up to $250 million of the company’s outstanding shares, effective immediately.

The move comes following a substantial dive for the firm’s stock price last week. ETHZilla, which trades on the Nasdaq under ETHZ, is down more than 53% on the week to a current price of $3.18, with the drop coming after a surge that tripled the stock’s value after billionaire VC Peter Thiel bought a stake in the company.

Last week’s price decline came as the company filed with the SEC on Friday to offer 74.8 million convertible shares, as part of an agreement reached on August 8. The filing fueled dilution concerns, as the total amount of outstanding shares is set to grow from 164.4 million to over 239.2 million.



ETHZ stock is down nearly 3.8% on the day following the stock buyback announcement. ETHZilla has given up most of its recent gains following last week’s price plunge, with the stock showing a less than 5% rise over the last month.

The Palm Beach, Florida-based company also disclosed it now holds 102,237 ETH at an average acquisition price of $3,948.72, valued at approximately $474 million as of this writing. The firm also has about $215 million in cash equivalents. The Ethereum tally includes 7,600 ETH acquired over the last week.

“At ETHZilla, we continue to deploy capital to accelerate our Ethereum treasury strategy with discipline and record speed,” said ETHZilla Executive Chairman McAndrew Rudisill, in a release. “As we continue to scale our ETH reserves and pursue differentiated yield opportunities, we believe an aggressive stock repurchase program at the current stock price underscores our commitment to maximizing value for shareholders.”

ETHZilla plans to stake its most recently purchased Ethereum tokens to Electric Capital’s proprietary Electric Asset Protocol to generate yield, the company said.

The stock repurchase program is scheduled to expire by June 30, 2026, or when $250 million in shares has been repurchased. The program will be funded through working capital and potential future fundraising efforts.

The price of Ethereum hit an all-time high Friday for the first time in nearly four years, and continued to rise higher on Sunday, peaking at a new record of $4,946 according to data from CoinGecko. It’s down more than 4% over the last 24 hours, however, falling to a current price of $4,604 as the broader crypto market sags.

Despite the dip, Myriad users believe that ETH will continue to rise to new peaks and cross the $5,000 milestone by the end of 2025, with 86% of users predicting such a move. (Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)

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Bitmine Expands Ethereum Treasury To 1.71M Eth Worth $7.9B
GameFi Guides

BitMine Expands Ethereum Treasury to 1.71M ETH Worth $7.9B

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BitMine Immersion Technologies is rewriting the playbook for corporate crypto strategy after snapping up Ethereum at a record pace. The company, based in the United States, confirmed on August 24 that it now controls 1,713,899 ETH valued at $7.94 billion. 

According to the release, it also has $562 million in cash and 192 Bitcoin, increasing its total reserves to $8.82 billion. This growth demonstrates how BitMine is transforming organizations’ approach to crypto treasury tactics.

The growth comes after BitMine bought 190,526 ETH worth $883 million last week, boosting its balance sheet by $2.2 billion. Hence, the firm now ranks as the number one Ethereum treasury worldwide. Moreover, it stands second in overall crypto holdings, just behind MicroStrategy, which owns over 629,000 Bitcoin valued at $71 billion.

Rapid Growth in Treasury Strategy

BitMine launched its Ethereum treasury program on June 30 and closed its first phase on July 8. Since then, it has scaled holdings with speed, supported by institutional investors. 

Besides, its stock has surged in response to these moves. Per Yahoo Finance data, BMNR shares ended at $53.49 on Friday, climbing 12.07% in a single session. Ethereum, on the other hand, traded at $4,662.35 according to CoinMarketCap, being down 2.08% in the past 24 hours.

Chairman Thomas “Tom” Lee of Fundstrat explained the company’s momentum. “In the past week, BitMine increased its crypto and cash holdings by $2.2 billion,” Lee stated. He further noted, “At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”

Ethereum as a Macro Bet

Additionally, BitMine views Ethereum as a generational trade. Lee stressed, “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years.” He pointed to Wall Street and artificial intelligence moving onto blockchain as catalysts for global financial transformation.

Moreover, BitMine’s crypto and cash NAV per share has soared to $39.84, up from $22.84 in late July. With average daily stock trading volume at $2.8 billion, the company has also become one of the most liquid equities in the US.

BitMine’s Ethereum push makes its dominance strong and also underscores Wall Street’s accelerating embrace of blockchain assets.

Also Read: Whales Move to Ethereum, Bitcoin Retreats Near $112,700 Mark



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Strategy signals another Bitcoin buy on June 2
Crypto Trends

Strategy’s Michael Saylor Signals Impending BTC Buy For Treasury

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Strategy co-founder Michael Saylor signaled an impending Bitcoin (BTC) purchase, and, if completed, the transaction will mark the company’s third BTC acquisition in August.

The company’s most recent Bitcoin buy occurred on August 18, when Strategy purchased 430 BTC for $51.4 million, bringing its total holdings to 629,376 BTC, valued at over $72 billion at the time of this writing.

Data from SaylorTracker shows Strategy is up over 56% on its BTC investment, representing over $25.8 billion in unrealized gains at current prices.

Strategy’s history of Bitcoin purchases. Source: SaylorTracker

The company’s BTC acquisitions in August have been relatively slim. Strategy typically acquires thousands or tens of thousands of BTC in every purchase, yet it has only acquired 585 BTC so far, in two separate transactions, this month.

Strategy leads the charge in corporate BTC acquisition and is the largest BTC treasury company by a wide margin. Saylor continues to advocate for Bitcoin by orange-pilling individual investors and financial institutions, sparking a movement in corporate finance.

Related: Are struggling firms using crypto reserves as a PR lifeline?

Strategy is not directly impacting Bitcoin market prices with its acquisition plan

Shirish Jajodia, the company’s corporate treasurer, recently told podcaster Natalie Brunell that Strategy does not move the BTC market with its purchases.

The company acquires BTC through over-the-counter transactions, private agreements between parties that occur outside of spot exchanges, and other methods that do not impact market price.

Institutional investors hold BTC long-term, which raises the floor price of Bitcoin over time. However, other factors, like price speculation and traders, have a more immediate impact on the short-term market price of BTC, Jajodia said.

“Bitcoin’s trading volume is over $50 billion in any 24 hours — that’s huge volume. So, if you are buying $1 billion over a couple of days, it’s not actually moving the market that much,” he added.

Price action of Strategy’s stock. Source: TradingView

Strategy continues to accumulate BTC for its corporate treasury, even amid sinking share prices, which have impacted most Bitcoin treasury companies in the second half of 2025.

The company’s stock sank to its lowest point in nearly four months on Wednesday, hitting a low of about $325 per share, levels not seen since April. However, the price rebounded to around $358 per share on Friday.

Magazine: Scottie Pippen says Michael Saylor warned him about Satoshi chatter



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Tom Lee Buys $45M In Ethereum As Bitmine Expands Treasury To $7B ETH
Crypto Trends

Tom Lee Buys $45M In Ethereum As Bitmine Expands Treasury To $7B ETH

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Ethereum is once again in the spotlight after smashing through its previous all-time high, reaching $4,886 on Friday with an explosive 14% daily surge. This breakout underscores the strength of ETH’s ongoing bullish trend and highlights its growing dominance in the crypto market. While Bitcoin has been consolidating around familiar levels, Ethereum has become the focal point of institutional interest, with large players increasingly allocating capital to the asset.

Fundamentals remain robust, as both on-chain and market data confirm that Ethereum demand is accelerating. Institutions, funds, and whales are not only holding but also aggressively adding to their positions, signaling conviction in Ethereum’s long-term value. According to Arkham Intelligence, Tom Lee’s Bitmine has just bought $45 million worth of ETH, further cementing the narrative of large-scale accumulation. This move aligns with a broader trend of influential investors and organizations betting on Ethereum as the backbone of decentralized finance and the leading smart contract platform.

The combination of new highs, institutional adoption, and growing market confidence places Ethereum at the center of attention heading into the next phase of the cycle. Bulls now expect price discovery to unfold, potentially pushing ETH toward uncharted territory.

Institutional Accumulation Signals Bullish Upside

Ethereum’s rally is increasingly being fueled by deep-pocketed institutional players, with Arkham reporting that BitMine now holds $7 billion worth of ETH. This staggering position makes BitMine the largest corporate holder of Ethereum, with 1.518 million ETH under its control—equivalent to roughly 1.3% of the total supply. Far from slowing down, BitMine continues to accumulate, reinforcing the narrative that institutions see Ethereum as a cornerstone asset for the future of digital finance.

Bitmine’s Ethereum Holdings | Source: Arkham Intelligence

Close behind is SharpLink Gaming, the second-largest corporate holder, which has amassed 729,000 ETH valued at approximately $3.2 billion. Together, these two players represent a significant concentration of Ethereum in corporate treasuries, underscoring the scale of institutional conviction. Analysts point out that such accumulation not only locks away massive amounts of ETH from circulation but also shifts market dynamics by tightening available supply.

When large entities consistently buy and hold, it often signals confidence in both the asset’s utility and long-term price appreciation. Many market participants view Ethereum’s latest breakout above its 2021 all-time high as only the beginning, with corporate demand providing a strong foundation for further gains. If this pace of accumulation continues, Ethereum could be entering the kind of supercycle many investors have long anticipated.

Weekly Outlook: Key Resistance In Play

Ethereum’s weekly chart shows a powerful rebound that has carried the asset to new highs not seen since late 2021. After finding strong support near the $2,400 region earlier this year, ETH has staged a decisive rally, surging past its long-term moving averages (50, 100, and 200-week SMAs) and breaking through resistance levels that previously capped momentum. This breakout has culminated in a fresh push toward $4,779, putting Ethereum firmly back into price discovery territory.

ETH testing ATH resistance | Source: ETHUSDT chart on TradingView

The structure of the chart highlights how bulls have regained control. ETH has posted consecutive bullish candles, with strong buying momentum following institutional accumulation trends reported on-chain. The alignment of the moving averages — with the 50-week SMA turning upward above the 100 and 200-week SMAs — signals a strengthening long-term bullish trend.

However, the rapid pace of this climb also raises the risk of short-term exhaustion. ETH is now trading near historically significant resistance levels that align with prior cycle peaks, which could spark profit-taking among traders. If a retracement occurs, $4,300 and $3,800 emerge as key support zones to watch.

Featured image from Dall-E, chart from TradingView

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Helene Braun
Crypto Trends

ETHZilla (ETHZ) Shares Plunge Nearly 30% as Dilution Fears Overshadow $349M Ether (ETH) Treasury

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Shares of ETHZilla (ETHZ), formerly known as biotech firm 180 Life Science, fell nearly 30% Friday after the company disclosed that shareholders filed to offer up to 74.8 million convertible shares.

The offering sparked concerns about dilution, a process where existing shareholders’ stakes lose value as more stock enters the market. For investors, it means their ownership slice shrinks, even if the company’s overall value doesn’t change.

After the issuance of new shares, the outstanding shares of the company will rise by about 46% to 239.3 million from 164.4 million, according to the filing. The company won’t receive any proceeds from the shareholders selling their converted shares.

ETHZilla rebranded earlier this month into a crypto treasury company and disclosed that it holds 82,186 ether, worth about $349 million at current prices, alongside $238 million in cash equivalents. The ether was acquired at an average price of $3,806.71 per token. News of the pivot and the size of the holdings sent shares surging on Aug. 11, lifting the stock 80% year-to-date before Friday’s sharp reversal.

The strategic shift has also drawn heavyweight backers.

Peter Thiel, who has publicly supported Ethereum, holds a 7.5% stake in ETHZ through his Founders Fund. The fund also owns 9.1% of Bitmine Immersion Technologies, which recently raised $250 million to build its own ether reserves. Thiel’s involvement highlights a broader bet by influential investors that Ethereum could anchor the next generation of financial infrastructure.

Ether itself has regained momentum in 2025 after lagging behind other altcoins last year. The token is up 38% year-to-date, outpacing bitcoin’s 24% rise and the CoinDesk 20 Index’s 17% gain. For context, bitcoin climbed 121% in 2024 while ether added just 31%. The turnaround coincides with regulatory clarity in the U.S. that has prompted Wall Street institutions to adopt Ethereum as a base layer for launching new financial products and services.

Despite the surge in price and interest from investors, ETHZ shares moved against the broader trend on Friday. The Nasdaq, S&P 500 and Dow were all higher after remarks from Federal Reserve Chair Jerome Powell, while ether itself gained 9% in the past 24 hours.

The selloff underscores the tension between ETHZ’s promise as a large publicly traded ether treasury and investor unease about near-term dilution. While the company’s balance sheet puts it among the biggest ether holders in the corporate world, shareholders are weighing whether that promise can outweigh the risks of being cut into smaller pieces.



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Crypto Trends

Ethereum Treasury SharpLink to Buy Back Up to $1.5 Billion in Stock

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In brief

  • SharpLink Gaming unveiled $1.5 billion in potential stock buybacks.
  • The company traded at a slight premium to its Ethereum holdings.
  • SharpLink’s stock price surged more than 15% on Friday to $20.83.

SharpLink Gaming can repurchase up to $1.5 billion worth of common stock under a newly authorized repurchase program, the Ethereum treasury firm said in a blog post on Friday.

With a market cap of $3.5 billion, that would be almost half of the company’s value, but Co-Chief Executive Officer Joseph Chalom described the program as a potential resource for instances when the company’s shares trade a discount to its Ethereum holdings.

“In this scenario, the accretive course of action may be to repurchase our common stock,” he said in a statement. “This program provides us with the flexibility to act quickly and decisively if those conditions present themselves.”

SharpLink shares surged more than 15% on Friday to $20.87 amid a wider upturn in crypto-focused stocks, according to Yahoo Finance, as investors turned optimistic about the prospects of an interest rate cut following remarks by U.S. central bank Chair Jerome Powell. But SharpLink’s stock price has swooned 24% over the past month even as Ethereum has gained ground. 



Ethereum was recently changing hands at $4,813, jumping more than 13% over the past 24 hours, according to crypto data provider CoinGecko. Earlier Friday, ETH set a new record high of $4,879 before retreating. The asset’s price has increased about 35% over the past month.

Like most crypto treasury firms, SharpLink seeks to maximize shareholder value by growing the amount of Ethereum it owns per fully diluted share. When SharpLink shares trade at a premium to its crypto holdings, it can issue common stock to increase that ratio.

Strategy, formerly MicroStrategy, has used the tactic for years, but its premium has been substantially greater and existed far longer. On Friday, SharpLink had a so-called mNAV of 1.08, reflecting a slight premium, according to Ethereum Strategic Reserve.

SharpLink owned 740,000 ETH worth over $3.5 billion, as of Friday. Its corporate stash was around half the size of BitMine Immersion Technologies’, which owned 1.5 million ETH that were worth around $7.3 billion. 

In the press release, SharpLink noted that the timing and amount of shares repurchased under its newly approved program will depend on market conditions. It’s not obligated to purchase any shares whatsoever, and the initiative can be suspended at any time, it added.

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Bitcoin
GameFi Guides

Are Bitcoin Treasury Companies Good Or Bad? Analysts Expand On Skepticism

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The rise of Bitcoin treasury companies has sparked an intense debate over whether they add stability or new layers of risk to businesses. Analysts from the global credit rating agency, Morningstar have expanded on the skepticism, pointing out that using cryptocurrencies such as Bitcoin as a primary reserve currency may weaken, rather than strengthen the stability of corporate treasuries.

The Dark Side Of Bitcoin Treasury Companies

The adoption of cryptocurrencies for treasury functions has become one of the most trending topics in the financial industry. In a commentary published on August 21, Morningstar analysts noted that while Bitcoin and Ethereum are increasingly used for payments and investments, the shifts toward employing them for treasury functions introduce risks that could outweigh potential benefits. 

According to the commentary, Bitcoin treasury companies are likely exposing themselves to elevated levels of financial instability. One of the biggest drivers of this risk is the absence of clear regulatory oversight. Morningstar analysts highlighted the lack of a global regulatory framework for cryptocurrencies, with countries like the United States and Canada adopting differing approaches, while others, such as Egypt and China, impose outright bans.

This fragmented environment reportedly creates unpredictability for corporations that must manage compliance and financial stability. For treasuries, where certainty and legal clarity are vital, the analysts caution that such uncertainty may heighten credit risk and weaken confidence in long-term planning. 

Morningstar further stressed that cryptocurrency markets lack the depth of traditional asset markets, making liquidity unreliable. The analysts warn that this can cause companies to incur losses or face delays when attempting to access capital. They also note that such disruptions undermine the efficiency expected of corporate treasury management.  

Morningstar’s report also highlighted security risks for Bitcoin treasury concerns companies, noting that reliance on third-party custodians and exchanges such as Coinbase or Binance exposes them to operational failure, cyberattacks, and regulatory disputes. It added that the dual role of these exchanges as both trading platforms and custodians increases counterparty risks, weakening the stability of treasury reserves. 

Further Warnings Issued Over BTC Treasury Firms

In the commentary, Morningstar analysts further stated that volatility remains the most striking weakness of Bitcoin treasury companies. Their research underscored that Bitcoin is nearly five times more volatile than the S&P 500 in the short term, exposing companies to sudden valuation swings that can severely destabilize operations. 

Morningstar also noted that the materiality of crypto holdings is another central concern of Bitcoin treasury companies. The analysts caution that when digital assets make up a significant portion of a company’s reserves, the treasury begins to function more like a speculative portfolio than a financial safeguard. 

The report pointed out that firms like Strategy Inc., which holds over 629,000 BTC, are particularly exposed to this imbalance. With the top 20 public companies controlling 94% of total public Bitcoin treasury holdings, the sector also faces significant concentration risks. Furthermore, Morningstar warns that Bitcoin treasury companies may also be vulnerable to technical failures, exchange insolvency, liquidity crises, and weakened creditworthiness, even with insurance and security measures in place.

BTC trading at $112,928 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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crypto, stablecoin
Crypto Trends

Stablecoins Will Boost US Bonds Demand: Treasury Secretary

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The US Treasury Secretary has reportedly contacted leading crypto industry players to discuss the potential impact of the stablecoin sector on the demand for US government bonds in the coming years.

Treasury Secretary Bets On The Crypto Industry

On Wednesday, the Financial Times (FT) reported that the US Treasury Secretary, Scott Bessent, is “betting” on the crypto industry to become a key buyer of US Treasuries in the coming years.

Following the enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in July, digital assets pegged to the US dollar are required to be backed on a one-to-one basis by US dollars or Treasury bills.

Sources familiar with the discussions told the news media outlet that Secretary Bessent has signaled to Wall Street that he expects the industry to “become an important source of demand for US government bonds” as Washington seeks to bolster demand for a surge of new US government debt.

According to FT, Bessent has contacted leading stablecoin issuers, including Circle and Tether, for information, revealing the Treasury Department’s alleged plans to increase sales of short-term bills for the coming quarters.

The report noted that the focus on the sector follows investors’ concerns about the US’s deteriorating public finances, adding that the Treasury Department’s hopes are also a sign of the White House’s “drive to bring crypto to the heart of US finance.”

“The recent passage of the Genius Act is a significant development which we are monitoring as it will promote innovation in stablecoins and grow demand for short-term Treasury securities” the Treasury Department told FT, explaining that “issuance plans will continue to be informed by a variety of inputs including that from investors, primary dealers and the Treasury borrowing advisory committee”.

Jay Barry, head of global rates strategy at JPMorgan Chase, told FT that “[Secretary Bessent and the Treasury department] absolutely think that stablecoins will be a real source of new demand for Treasuries. And that is absolutely why [Bessent] is comfortable weighting issuance towards [short-term debt].”

A Multi-Trillion ‘Gold Rush’ Era?

Notably, the Treasury Secretary previously affirmed that “this groundbreaking technology will buttress the dollar’s status as the global reserve currency, expand access to the dollar economy for billions across the globe, and lead to a surge in demand for U.S. Treasuries, which back stablecoins.” Adding that “The GENIUS Act provides the fast-growing market with the regulatory clarity it needs to grow into a multitrillion-dollar industry.”

Similarly, Goldman Sachs asserted that the industry is “at the beginning of a stablecoin gold rush,” which could potentially bring the $271 billion global market to trillions of dollars, Fortune reported.

“Stablecoins are a $271bn global market, and we believe USDC (…) benefits from market share gains on and off of partner Binance’s platform, as ongoing stablecoin legislation legitimizes the ecosystem, and the crypto ecosystem expands, also potentially catalyzed by legislation,” the report highlighted, citing the bank’s research paper from August 20.

Payments are the most obvious source of (total accessible market) expansion for stablecoins over the longer term. This opportunity is largely untapped so far, with the majority of stablecoin activity being driven by crypto trading activity and demand for dollar exposure outside of the U.S.

Nonetheless, not everyone in the financial sector believes that the sector will boost the demand for US government bonds. Global Chief Economist at financial services firm UBS, Paul Donovan, shared a more skeptical approach with clients on Wednesday morning.

According to Fortune, Donovan noted that the Treasury Secretary is “reportedly getting excited that stablecoins might increase demand for short-dated U.S. Treasuries, helping finance the unsustainable U.S. fiscal position. However, stablecoins are more about redistributing money supply.”

“Someone selling Treasury bills to buy stablecoins, which invest the money in Treasury bills, does not change demand for U.S. debt instruments,” he concluded.

Bitcoin (BTC) trades at $114,184 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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GameFi Guides

Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot Fails to Lift Stock

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In brief

  • Windtree confirmed its shares will be suspended from Nasdaq trading on Thursday for failing to meet the $1 minimum bid price.
  • Last month, it said it had committed to buy up to $700 million in Binance’s BNB token.
  • Struggling firms pivoting into crypto treasuries may lack substance beyond the narrative, Decrypt was told.

Windtree Therapeutics, a Pennsylvania-based drug developer, is being delisted from Nasdaq, just over a month after its $700 million pivot into a digital treasury firm focused on Binance’s BNB token failed to boost its stock above the exchange’s requirements.

In an SEC filing published Tuesday, Windtree confirmed trading of its stock on Nasdaq would be suspended at the open on Thursday, August 21, for failing to maintain the $1-per-share minimum bid price. Windtree shares are down 77% on the day to just $0.11.

Windtree listed its stock on Nasdaq in May 2020 but has repeatedly struggled to meet listing standards.



The exchange moved to suspend Windtree’s shares after several bid-price violations since at least June 2022, with its third and most recent deficiency warning handed down in December last year, according to a 2023  SEC filing listed by the drug developer.

Windtree and Nasdaq did not immediately return Decrypt’s request for comment.

Late last month, Windtree announced that it would commit and buy up to $700 million in Binance’s BNB token, just a day after that crypto hit a new all-time high.

While Windtree briefly regained its compliance earlier in March this year, it later lost course as a turbulent pullback in the crypto market began rolling over the past week.

Several publicly-listed treasury companies‘ shares have been diving or slowing in lockstep, including stock from KindlyMD, SharpLink, Coinbase, and Strategy, which hit a 4-month low on Wednesday amid a broader crypto stock slump.

As a result of the suspension, the company is moving to the over-the-counter market under the same ticker, WINT. Unlike Nasdaq, which imposes strict listing standards such as minimum bid prices and equity thresholds, OTC venues operate with looser requirements and typically provide less liquidity and visibility.

“Distressed firms face a structural mismatch with DAT models,” Ryan Yoon, senior analyst at Tiger Research, told Decrypt. “While they may initially raise funds despite lacking credibility, subsequent capital raises become increasingly difficult as market skepticism grows.” 

Digital asset treasuries rely on “premium-based funding, but struggling companies can’t sustain NAV premiums long-term,” Yoon said.

Net asset value, or NAV, is the total value of a company’s assets minus its liabilities, expressed on a per-share basis. It shows whether a company’s stock price is higher or lower than the value of its total assets, including those that aren’t from digital assets.

“This creates a reverse flywheel during market downturns: asset decline → forced liquidation → further decline,” Yoon explained.

For one, Yoon points to Michael Saylor’s Strategy as having a “powerful narrative in crypto markets” that has created “a template that struggling public companies attempt to replicate.”

Yet “unlike established DAT firms with operational frameworks,” financially struggling companies suddenly pivoting to become digital asset treasury firms “typically lack substance beyond the narrative itself,” Yoon said.

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

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

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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

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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