Ethereum News Today: BitMine Surpasses $6.6B in ETH as ETFs Challenge BTC Dominance

Institutions have amassed Ethereum (ETH) treasuries totaling $17.6 billion, with BitMine Immersion Technologies (NYSE AMERICAN: BMNR) emerging as the largest Ethereum treasury, holding 1.52 million ETH valued at $4,326 per token as of August 17, 2025. This positions BitMine as the second-largest crypto treasury globally, trailing only Strategy Inc (MSTR), which owns 628,946 BTC valued at $74 billion [1]. BitMine’s Ethereum holdings represent a $1.7 billion increase from its $4.9 billion in holdings reported just one week prior, driven by the addition of over 373,000 ETH tokens [2].

The company, which launched its Ethereum treasury strategy on June 30, 2025, has rapidly expanded its crypto holdings and is now backed by a strong institutional investor base, including ARK’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, Kraken, DCG, and Bill Miller III [1]. These investors support BitMine’s long-term goal of acquiring 5% of the total Ethereum supply. The company's stock has also surged in trading liquidity, with an average daily dollar volume of $6.4 billion, ranking it as the 10th most liquid U.S. stock among 5,704 listed equities [1].

BitMine’s rise reflects a broader institutional shift toward Ethereum treasuries, particularly as regulatory developments such as the GENIUS Act and the SEC’s “Project Crypto” reshape the financial services landscape. Tom Lee, BitMine’s Chairman and Managing Partner at Fundstrat, compared these developments to the 1971 end of the Bretton Woods system, a turning point that led to the modernization of global financial infrastructure [1]. Lee emphasized Ethereum’s role in the integration of blockchain and artificial intelligence, suggesting it will drive a significant transformation in financial systems over the next decade [1].

Despite the momentum, recent market data indicates some volatility. Spot Ether ETFs faced $196.7 million in outflows on August 18, marking the second-largest daily outflow since the launch of these funds. BlackRock’s iShares Ethereum Trust ETF (ETHA) experienced the largest outflow of $87 million, followed by Fidelity’s Ethereum Fund (FETH) with $79 million in outflows [6]. This decline occurred against a backdrop of growing unstaking activity on the Ethereum network, with the unstaking queue reaching a record high of 910,000 ETH, valued at approximately $3.9 billion. Validators now face at least 15 days of waiting before they can unstake their ETH [6].

Meanwhile, the Ethereum ETF landscape continues to expand, with 13 spot Ethereum ETFs now available in the U.S. market, offering varying expense ratios and promotional fee waivers. The iShares Ethereum Trust ETF (ETHA), for example, saw its expense ratio temporarily reduced to 0.12% until July 23, 2025, or until it reaches $2.5 billion in fund assets, whichever comes first [5]. This competitive pricing reflects an ongoing price war among ETF issuers, who are vying for market share in the rapidly evolving crypto investment space.

Investor sentiment toward Ethereum has also shifted in recent weeks, with spot Ethereum ETFs attracting greater inflows than Bitcoin ETFs. According to data analyst Hildobby at Dragonfly, the ratio of ETH supply held in ETFs reached 5% as of August 18, compared to 6.4% for BTC held in ETFs. If this trend continues, Ethereum ETFs could surpass Bitcoin ETFs in terms of the percentage of total supply held by September 2025 [6].

The institutional accumulation of Ethereum and the growth of ETF products highlight a maturing crypto investment landscape, with Ethereum increasingly viewed as a strategic asset for institutional portfolios. However, market dynamics remain volatile, with shifts in investor behavior, regulatory developments, and network activity all playing key roles in shaping the trajectory of Ethereum’s institutional adoption.

Source:

[1] BitMine Immersion Technologies, Inc. (https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-is-the-1-eth-treasury-in-the-world-now-2nd-largest-crypto-treasury-globally-and-the-10th-most-liquid-us-stock-trading-6-4-billion-per-day-on-average-302531968.html)

[2] Yahoo Finance (https://finance.yahoo.com/news/bitmines-crypto-holdings-surpass-1-123858320.html)

[3] CoinDesk (https://www.coindesk.com/business/2025/08/18/bitmine-s-ether-holdings-top-usd6-6b-stock-slides-7-alongside-eth-s-tumble)

[4] CoinTelegraph (https://cointelegraph.com/news/ether-etfs-197m-outflows-second-largest)

[5] NerdWallet (https://www.nerdwallet.com/article/investing/ethereum-etfs)