BitMine has cemented its position as the biggest corporate holder of Ethereum (ETH) after another large-scale purchase pushed its treasury to unprecedented levels.
On August 24, blockchain analytics platform Lookonchain reported that the Las Vegas-based mining and investment firm acquired 9,600 ETH worth approximately $45 million. The latest buy raises BitMine’s total holdings to 1.58 million ETH, valued at around $7.5 billion at current market prices.
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 acquisition continues a month-long spree that began in mid-July 2025, when BitMine made its initial half-a-billion-dollar entry into Ethereum. In just over a month, its ETH reserves have surged to surpass all other corporate treasuries, outpacing rivals SharpLink Gaming and The Ether Machine.
BitMine chairman Tom Lee framed the accumulation as part of a long-term strategy, targeting ownership of 5% of Ethereum’s total supply.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,”
Lee said, adding that Wall Street’s shift toward blockchain and the integration of artificial intelligence will be centred largely on Ethereum.
The firm enjoys backing from institutional giants, including ARK Invest and Pantera Capital, giving it billions in firepower to pursue its strategy. Its aggressive buying has also fueled broader corporate interest, with data from StrategicETHReserve showing that total ETH held by companies has climbed to $19 billion, up from $17 billion less than a week earlier.
SharpLink Gaming trails in second place with more than 740,000 ETH (about $3.5 billion), followed by The Ether Machine with 345,000 ETH ($1.6 billion). The Ethereum Foundation also controls a significant portion of ETH worth just over $1 billion, though its role is more protocol-focused.
However, Ethereum co-founder Vitalik Buterin has voiced concern over the accumulation trend. He warned that large-scale borrowing against corporate ETH treasuries could lead to “leveraged poker,” where heavy debt exposure may trigger forced liquidations in a downturn, amplifying volatility across the market.
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