BitMine Adds Whopping 23,823 ETH to Treasury Worth $104M, Strengthens Position as Top Corporate Holder
Tom Lee’s (BMNR) is in the headlines again later than the latest news of a new addition of 23,823 ETH (roughly $104 million) to its corporate treasury. Already, BitMine is the world largest ETH treasury, but this new purchase cements its place at the top of the chain.
According to a Lookonchain the company received the ETH from a BitGo wallet unmarked on Arkham platform, but Lookonchain identified the wallet as Bitmine’s. BitMine has not confirmed the reported acquisition at the time of writing, but analysts argue that it’s part of the company’s broader accumulation strategy.
New ETH Acquisition Reinforces BitMine’s Titan Status
From shifting from core BTC mining to ETH treasury, has been lazer-focused on its goal to hold 5% of the total ETH supply. As of the latest reporting, the company’s ETH holdings have surpassed 2.83 million tokens, putting their crypto & cash portfolio at about $13.4 billion in assets.
According to data from , the company now claims the largest corporate ETH holding globally, and its continuous acquisition is symbolic. By acquiring ETH directly, BitMine is dramatically increasing its exposure to the second-most critical protocol in the blockchain stack and the world’s second largest cryptocurrency. The firm’s balance sheet is now heavily weighted toward ETH, giving it a double role as both a top miner and major ETH token holder.
has increasingly become the backbone of decentralized finance (DeFi), tokenized assets, and blockchain-based AI infrastructure. For BitMine, holding ETH provides both balance-sheet diversification and a strategic foothold in a protocol that underpins much of Web3’s financial and computational activity.
Besides reinforcing BitMine’s role as an ETH treasury titan, Analysts view this as part of a broader shift in how crypto companies are thinking about capital allocation. Instead of only mining or staking, many are storing tokens as strategic reserve assets.
BitMine Gives ETH Institutional Confidence A Boost
BitMine’s ongoing aggressive ETH accumulation drives the narrative that has been steadily gaining traction in 2025 — that ETH is becoming a solid competitor to BTC in the department and not on only on the charts.
ETH’s growing institutional appeal is driven by several factors, including its expansion of on-chain utility (from staking yields to real-world asset tokenization) and rising developer activity that positions ETH as the powerhouse of decentralized applications.
However, concentration risk remains a factor. With a treasury increasingly dominated by a single digital asset, BitMine’s exposure to market volatility is significant. A sharp downturn in ETH prices could affect both balance-sheet valuation and investor confidence. Still, BitMine appears undeterred, emphasizing that its strategy is rooted in long-term conviction rather than short-term speculation. If the accumulation trend continues, 2025 could be remembered as the year corporate treasuries began to truly “go on-chain.”
