Ethereum News Today: BitMine Surpasses 1.2M ETH Treasury Mark, Drives 5% Supply Target Progress

BitMine has made headlines as the first ETH treasury company to cross the 1 million ETH milestone, marking a significant development in the crypto treasury space. According to recent reports, the company now holds over 1.2 million ETH, with its aggressive acquisition strategy allowing it to outpace competitors like SharpLink Gaming [1]. This rapid expansion is part of a broader corporate strategy to acquire 5% of the total ETH supply, a goal that BitMine has made substantial progress toward in 2025 [1].

The most recent acquisition pushed BitMine’s ETH holdings to between 1.15M and 1.20M ETH, depending on the reporting method [1]. The company has consistently executed large-scale purchases, with the latest addition of over 317K ETH being the largest single acquisition to date [1]. These actions have had a direct impact on the stock market, with BMNR shares surging to a one-month high of $64.35 following the latest purchase [1]. The company is now the 25th most liquid US-based stock, with daily trading volumes reaching $2.2 billion [1].

BitMine’s founder, Tom Lee, remains a key figure in the crypto space, with his influence extending to the growing acceptance of ETH as a treasury asset [1]. Unlike early adopters who previously treated ETH as a liability and sold at lower prices, BitMine is leveraging its large holdings to generate passive income through DeFi, staking, and liquid staking. This shift reflects a broader trend in the market where ETH is increasingly seen as a store of value and income generator [1].

While BitMine leads the charge in ETH treasury accumulation, SharpLink Gaming continues its own treasury-building efforts with more regular but smaller purchases. The company recently added 79.6K ETH, valued at over $320 million, to its holdings [1]. SharpLink also maintains a substantial cash reserve of $600 million, providing it with additional flexibility compared to BitMine [1]. Both companies have continued to acquire ETH even as prices reached local highs above $4,300, suggesting a long-term commitment to treasury strategy despite market volatility [1].

The broader ETH treasury trend has coincided with increased selling activity from early ICO wallets and whale addresses. Some early ETH holders appear to be using treasury accumulation as a mechanism for liquidity, with one whale preparing to sell 10K ETH through an intermediary address [1]. Meanwhile, the growing interest in crypto treasuries is not limited to ETH, with similar strategies emerging for assets like SOL, BNB, LTC, and even meme tokens like BONK [1].

Source: [1] BitMine becomes first ETH treasury company to cross the 1M ETH milestone – https://coinmarketcap.com/community/articles/689a19502bf5ec32de19adf6/