Bitmine Mirrors MicroStrategy’s Play: Ethereum as Corporate Treasury Asset

Bitmine, the cryptocurrency firm led by Wall Street veteran Tom Lee, has acquired an additional $69 million worth of Ethereum (ETH) through Galaxy Digital’s over-the-counter (OTC) desk, bringing its total ETH holdings to approximately 1.95 million ETH, valued at $8.66 billion, according to Arkham data. This acquisition, executed via four large transfers totaling 15,427 ETH, underscores Bitmine’s aggressive strategy to build a corporate treasury of Ethereum. The structured OTC settlements, completed in under an hour, allowed the firm to accumulate assets without disrupting open market prices.

The purchase elevates Bitmine’s Ethereum holdings to nearly 1.8% of the token’s circulating supply, solidifying its position as the largest corporate ETH treasury holder. Publicly listed Ethereum treasury entities now collectively hold 4.99 million ETH, valued at $22.2 billion, representing 4.13% of the token’s supply. Bitmine leads this group with 2.15 million ETH, followed by SharpLink Gaming (838,000 ETH) and The Ether Machine (495,000 ETH). This concentration of institutional holdings contrasts with the Ethereum Foundation’s 225,000 ETH and Coinbase’s 136,800 ETH.

Bitmine’s strategy mirrors the institutional Bitcoin accumulation model pioneered by Michael Saylor’s MicroStrategy, positioning Ethereum as a long-term corporate reserve asset. The firm’s recent purchases follow a pattern of large-scale acquisitions, including $201 million in ETH from BitGo on September 11 and $358 million from Galaxy Digital and FalconX on September 4. Analysts note that Ethereum’s staking yields—unlike Bitcoin’s—provide a financial incentive for institutional holders, supporting higher valuations and long-term sustainability. Standard Chartered’s Geoffrey Kendrick highlighted that ETH-focused treasuries are outpacing Bitcoin and Solana counterparts in institutional adoption due to these yields.

The competitive landscape for Ethereum treasuries is intensifying. The Ether Machine, holding 495,000 ETH, filed a SPAC merger to go public in Q4 2025, while SharpLink Gaming announced a $166.7 million share buyback program. Since June, Ethereum treasury firms have accumulated 3.1% of the token’s supply, with analysts predicting further consolidation as market pressures persist. Despite these institutional inflows, Ethereum’s price remains under pressure, trading at $4,465—a 2.8% decline in 24 hours and 4.2% weekly—as of September 19.

Bitmine’s accumulation strategy aligns with broader macroeconomic trends, including the Federal Reserve’s dovish pivot, which has spurred risk-on sentiment across asset classes. However, the firm’s dominance in Ethereum treasuries raises questions about market centralization, even as it reinforces confidence in Ethereum’s fundamentals, including its transition to proof-of-stake and scalability upgrades. With corporate Ethereum holdings now exceeding $22 billion, the token’s institutional adoption trajectory appears firmly entrenched, despite near-term price volatility.

Source: [1] Tom Lee’s Bitmine Buys Another $69M ETH, Holds Massive … (https://cryptonews.com/news/tom-lees-bitmine-buys-another-69m-eth-holds-massive-8-66b-stack/) [2] BitMine acquires $65 million worth of ETH via Galaxy Digital: … (https://www.theblock.co/post/369421/bitmine-acquires-14665-ethereum) [3] Bitmine Buys 15,427 ETH, Total Treasury Hits 1.95M ETH (https://www.cryptotimes.io/2025/09/20/bitmine-buys-15427-eth-total-treasury-hits-1-95m-eth/) [4] ETH Whale Bitmine Adds 15,427 ETH via Galaxy Digital, Holdings … (https://blockchain.news/flashnews/eth-whale-bitmine-adds-15-427-eth-via-galaxy-digital-holdings-hit-1-946m-eth-8-71b-on-chain-accumulation-alert) [10] Bitcoin Eyes $118K Breakout to Resume Bull Run, Experts Say (https://thefinancialanalyst.net/2025/09/14/bitcoin-eyes-118k-breakout-to-resume-bull-run-experts-say)