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Bitmine has expanded its already massive crypto reserves, purchasing an additional 9,600 ETH worth roughly $45 million on August 24, according to on-chain data from Lookonchain. The latest acquisition brings Bitmine Ethereum holdings to around 1.58 million ETH, valued at approximately $7.5 billion at current market prices.
The Vegas-based investment firm began aggressively accumulating Ethereum in mid-July 2025 with an initial $500 million purchase. In just over a month, Bitmine Ethereum holdings have swelled at a pace unmatched by competitors, cementing the company as the largest corporate holder of ETH worldwide.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,” — Tom Lee, Chairman, Bitmine.
Lee added that the company aims to control up to five percent of Ethereum’s circulating supply, a target that underscores its long-term conviction.
Bitmine’s rise to the top of the corporate ETH leaderboard has been backed by deep-pocketed investors, including ARK Invest and Pantera Capital. Together, these institutional supporters have committed billions in funding, giving the firm the capital to pursue its aggressive accumulation strategy.
Lee argues that Bitmine Ethereum holdings are not just speculative bets but part of a larger strategy tied to Ethereum’s anticipated role in future financial infrastructure.
“Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum,” — Tom Lee, Chairman, Bitmine.
The company’s stance reflects growing sentiment among institutional investors that Ethereum could underpin decentralized finance (DeFi), tokenized assets, and even AI-related applications in the next decade.
The surge in Bitmine Ethereum holdings highlights a broader trend of corporate accumulation. According to data from StrategicETHReserve, corporate treasuries now hold around $19 billion in ETH, up from $17 billion less than a week ago.
Other large holders include SharpLink Gaming, which owns over 740,000 ETH valued at more than $3.5 billion, and The Ether Machine, with 345,000 ETH worth about $1.6 billion. The Ethereum Foundation itself controls hundreds of thousands of ETH, currently valued above $1 billion.
Together, Bitmine, SharpLink, and the Foundation dominate corporate ownership, raising questions about whether concentrated Bitmine Ethereum holdings and other large treasuries could amplify volatility.
Vitalik Buterin, Ethereum’s co-founder, has warned that corporate accumulation could evolve into risky financial engineering. He cautioned against a scenario where firms borrow against their ETH, exposing themselves to liquidations during downturns.
“This could lead to cascading effects that undermine Ethereum’s stability,” — Vitalik Buterin, Co-founder, Ethereum, in recent remarks.
Bitmine(@BitMNR) bought another 9,613 $ETH($45.6M) 7 hours ago and currently holds 1,585,461 $ETH($7.5B).https://t.co/RzF3d4iOpn pic.twitter.com/wivMKiGif8
— Lookonchain (@lookonchain) August 24, 2025
The expansion of Bitmine Ethereum holdings coincides with heightened market activity. On August 23, ETH surged past $4,900 to reach a new all-time high before retreating to around $4,535, down 4.3% in 24 hours. Analysts suggest that concentrated buying by whales such as Bitmine can accelerate price rallies but also increase downside risks if positions are unwound.
For crypto investors, the rise of Bitmine Ethereum holdings offers both reassurance and concern. On one hand, it signals growing institutional confidence in Ethereum’s long-term future. On the other, it raises fears about excessive concentration and systemic risks tied to corporate strategies.
Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, told Cryptonews that corporate treasuries could reshape liquidity dynamics: “If large firms like Bitmine decide to borrow against their ETH, it introduces leverage that magnifies volatility. This is both an opportunity and a risk for the wider market.”
The rapid growth of Bitmine Ethereum holdings underscores the evolving role of corporate treasuries in the crypto landscape. If Bitmine achieves its ambition of controlling 5% of Ethereum’s supply, it would reshape the balance of power in ETH markets, potentially influencing liquidity, governance debates, and investor strategies.
For now, Ethereum’s rally above $4,900 shows the strength of market momentum. But as Buterin and others warn, the expanding scale of Bitmine Ethereum holdings could test the resilience of the ecosystem during future downturns.
As the market digests Bitmine’s latest move, investors will be watching closely whether other corporates follow suit or whether concentration risks begin to weigh on Ethereum’s reputation as the backbone of decentralized finance.
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