Ethereum Drops 5.468% as ETHZilla Raises $350M, BitMine Holds 2.4M ETH

Ethereum's latest price was $4208.18, down 5.468% in the last 24 hours. This price movement reflects the dynamic nature of the cryptocurrency market, where investors are constantly adjusting their positions based on market conditions and strategic considerations. The outflow from major exchanges suggests that investors may be moving their ETH holdings to more secure or strategic locations, such as personal wallets or decentralized finance platforms. This movement of ETH between exchanges and wallets reflects the dynamic nature of the cryptocurrency market, where investors are constantly adjusting their positions based on market conditions and strategic considerations.

ETHZilla Corporation, a decentralized finance technology firm, has successfully raised $350 million through convertible debentures. This funding round is part of the company's strategy to expand its Ethereum-focused treasury initiatives and invest in tokenization projects. The new debentures will carry a 2% annual interest rate, with the conversion price set at $3.05 per share. This latest round of funding brings the total value of ETHZilla’s debenture program to nearly $500 million, following a previous tranche of $156.5 million. The earlier notes will remain interest-free until February 2026, after which they will convert to a 2% interest rate, down from the previous 4%. ETHZilla’s substantial reserves include 102,264 ETH, along with $559 million in cash and US Treasuries, and 1.5 million earned protocol tokens. The company’s hybrid strategy involves investing in both short-term securities and Ethereum scaling protocols. ETHZilla’s chairman and CEO, McAndrew Rudisill, emphasized the company’s commitment to being responsible stewards of shareholders’ capital. The company plans to invest in Ethereum scaling protocols and real-world asset tokenization to boost cash flow. ETHZilla’s strategy mirrors that of Bitcoin-focused companies, which have influenced cryptocurrency price surges in previous market cycles. As ETHZilla continues to increase its holdings, it plans to balance ETH accumulation with cash-flow generation.

ETHZilla’s management has introduced new reporting metrics, such as ETH Net Asset Value (NAV) and Market Net Asset Value (mNAV). These measures aim to capture the value of the company’s crypto-centric balance sheet. However, ETHZilla warns that these figures should not be confused with traditional net asset value calculations. The growing trend of digital asset treasuries (DATs) is influencing Ethereum’s supply. Currently, 4.34% of the total ETH supply is controlled by corporate entities, including ETHZilla. These companies are acting as quasi-fund managers for digital assets, which helps tighten the supply and support ETH’s price. ETHZilla is positioning itself to benefit from this trend by expanding its Ethereum reserves and diversifying into tokenization projects. ETHZilla’s latest funding round highlights its commitment to Ethereum’s ecosystem and its hybrid strategy for long-term growth. The company plans to deepen its involvement in Ethereum’s Layer-2 landscape, which will help drive additional cash flow. Management will provide further guidance in its third-quarter earnings report, offering insight into how it intends to balance ETH accumulation with revenue generation. With nearly half a billion dollars in convertible debentures now outstanding, ETHZilla is in a strong position to continue expanding its presence in Ethereum-focused initiatives. The company’s growth and strategy reflect the increasing influence of digital asset treasuries in the broader cryptocurrency market.

Blockchain technology firm BitMine Immersion has announced that it now owns over 2.4 million Ethereum (ETH), which is more than 2% of the total circulating supply. The milestone cements BitMine as the single largest Ethereum holder among corporate treasuries. Its bold strategy continues to draw wide attention across the financial and cryptocurrency industry. According to the company’s latest disclosures, its total assets in cryptocurrencies and cash have reached $11.4 billion. BitMine now holds 2,416,054 ETH, along with 192 Bitcoin (BTC), a $175 million stake in Eightco, and $345 million in unencumbered cash. Furthermore, BitMine has announced a direct sale of $365.24 million, offering about 5.2 million shares at $70 each. The company is also selling warrants that could bring in another $913 million if used, raising the total funds to around $1.28 billion. Notably, BitMine plans to use this money to buy more cryptocurrency. The sale is expected to close on September 23, pending standard conditions. Meanwhile, industry experts are paying close attention to BitMine’s next line of action. BitMine is not just mining cryptocurrency. It has a clear and long-term strategy. The company aims to establish one of the most extensive Ethereum holdings in the world by acquiring 5% of the total ETH supply. This goal gives the company a strong position and continues to attract institutional investors, such as Cathie Wood’s Ark Invest, as the market evolves. Meanwhile, focusing on Ethereum instead of just Bitcoin creates a unique place for BitMine in the world of corporate crypto treasuries. Other companies, such as Bit Digital and SharpLink Gaming, are also adding ETH to their balance sheets. Together, they are helping to change how Ethereum is seen, not just as a currency, but as a valuable asset for long-term growth.

Tether minted 1 billion USDT on the Ethereum network. This significant minting event highlights the growing integration of stablecoins within the Ethereum ecosystem, which is crucial for facilitating transactions and providing liquidity. The minting of USDT on Ethereum underscores the network's role as a platform for various financial applications beyond just cryptocurrency trading. This development is part of a broader trend where stablecoins are becoming increasingly important in the decentralized finance (DeFi) space, enabling users to transact and invest without the volatility associated with other cryptocurrencies. The number of Ethereum addresses holding coins in profit has surged to an all-time high, surpassing 155 million wallets in 2025. This is the fastest rate of profitability in the asset’s history, closely tied to its recent recovery above the $2,000 price zone. Data shows the strong rebound follows one of the deepest downturns in recent years, where millions of holders faced widespread unrealized losses during 2024’s market decline. Ethereum’s historical price action shows a repeating pattern where profitability rises sharply during rallies. Since 2016, major peaks in 2018, 2021, and the current 2025 upswing have all coincided with record-breaking address profitability. Each cycle shows how surging prices increase the proportion of investors holding coins above their cost basis. The latest data emphasizes that Ethereum’s price performance and wallet profitability remain tightly correlated. Each uptrend over the past decade has consistently lifted the majority of holders into profitable territory, strengthening the link between price cycles and market sentiment. The current spike in profitable addresses follows a notable drop in 2024, when Ethereum’s price fell sharply. During that period, the number of addresses in profit dropped toward just 0–10 million, reflecting severe unrealized losses across the network. However, as the market rebounded in 2025, the recovery has been steep. The noted section of recent data shows addresses in profit rising quickly back above 140 million, before hitting the present 155 million level. This sharp turnaround underscores the scale of Ethereum’s bounce compared to the prior year’s decline. Ethereum is trading near $4,200, pushing profitability close to historic highs. The green marker in the data shows both price and profit levels aligning at elevated ranges. According to analyst Ted, Ethereum reached the $4,100 liquidity level recently, which he views as key. He added that if the asset loses this level, price could fall toward the $3,700–$3,800 range, his preferred dip buying zone. This technical outlook aligns with broader market data, where the steep climb in profitable addresses and price gains converge. The synchronized rise shows increased momentum, with the market monitoring how Ethereum performs around these identified support and resistance levels.