Ethereum News Today: Institutional Bet: Ethereum Whales Drive a 1.5% Supply Grab

Santiment analysis indicates that Ethereum (ETH) whale activity has surged, with institutional investors adding approximately 14% more ETH since April 2025, amid significant ETF inflows and treasury purchases. The firm’s findings align with recent public disclosures by major corporate ETH holders, such as BitMine Immersion Technologies, which now holds 1.866 million ETH—nearly 1.55% of the total supply—valued at over $8.1 billion. This represents a significant increase in accumulation, as the firm added over 150,000 ETH in a single week in late August, reflecting growing institutional interest in Ethereum as a strategic asset class.

BitMine, a Nasdaq-listed company and the largest publicly traded ETH treasury firm, has positioned itself as a key player in the evolving crypto treasury landscape. Its CEO, Tom Lee, has outlined a strategy to acquire up to 5% of Ethereum’s total supply, with the firm holding $635 million in unencumbered cash for further purchases. This aggressive accumulation strategy appears to be paying off, as the firm’s stock has surged nearly 41% over the past month, despite broader market volatility and a 35% decline since mid-August.

The broader Ethereum treasury ecosystem has also seen a surge in activity. Strategic ETH Reserve data shows that the top 10 ETH treasury firms now hold approximately 3.6 million ETH, worth around $15.46 billion, with Sharplink Gaming trailing BitMine as the second-largest holder with 797,700 ETH. These developments have sparked renewed debate around the risks associated with high-yield strategies in crypto treasuries. Joseph Chalom, co-CEO of Sharplink Gaming, has warned that companies seeking to maximize yields from ETH holdings face heightened risks in a declining market, including credit, counterparty, and smart contract risks.

Concurrently, Ethereum ETFs have experienced mixed performance. While spot Bitcoin ETFs have seen a resurgence in inflows—totaling $332.7 million on September 2—Ethereum ETFs have faced outflows of $135 million in the same period. Fidelity’s FETH fund led the outflows with $99.2 million, reflecting ongoing selling pressure as Ethereum’s price remains below $4,400. Analyst Benjamin Cowen has forecasted a potential 20% correction in ETH prices over the next four to six weeks, with a possible rally to new all-time highs expected in the fourth quarter.

Despite the volatility, Ethereum treasury firms continue to attract attention from both institutional and traditional investors. Matt Hougan, CIO at Bitwise, has argued that these firms have successfully bridged the gap between traditional finance and digital assets by offering a familiar structure to mainstream investors. However, critics, including Josip Rupena of Milo, have compared the risks of crypto treasury models to those that contributed to the 2008 financial crisis, raising concerns about their long-term sustainability.

Source: [1] Bitmine Now Holds 1.86M ETH, About 1.5% of All Ether (https://cointelegraph.com/news/bitmine-holds-1-86m-eth-1-5-of-all-ether) [2] ETH Treasury Firms Pose Risks Chasing Yield: Sharplink ... (https://cointelegraph.com/news/ethereum-treasury-companies-greedy-risk-factors-sharplink-gaming) [3] BitMine Immersion Boosts Ether Holdings to $8.1B, With ... (https://www.coindesk.com/business/2025/09/02/bitmine-immersion-boosts-ether-holdings-to-usd8-1b-with-usd623m-in-cash-for-more-purchases) [4] Bitcoin ETF Inflows Resume Sparking “Digital Gold” Narrative ... (https://finance.yahoo.com/news/bitcoin-etf-inflows-resume-sparking-123624103.html)