BitMine buys additional $127m ETH as Ethereum treasury companies double down

BitMine is aggressively increasing its ETH holdings, further positioning itself as a major force in the Ethereum treasury space.

BitMine has expanded its Ethereum holdings with a fresh purchase of 25,369 ETH valued at $107 million. On-chain data from September 30 shows the assets were transferred from FalconX to a newly created wallet linked to the firm.

Just hours earlier, BitMine moved 4,985 ETH, worth about $21 million, from OKX to another fresh wallet. Taken together, the two transactions total $127 million worth of ETH added to its treasury in under 24 hours, according to on-chain tracker Lookonchain on X.

The technology company’s recent buys fit into a broader strategy that has made it the largest Ethereum holder among corporate treasuries. The firm now controls roughly 2.65 million ETH, valued at over $10.8 billion, representing about 2.19% of Ethereum’s current circulation.

Earlier this year, BitMine revealed its goal of eventually holding up to 5% of Ethereum’s total supply, a bold treasury move championed by Chairman Tom Lee as a way to benefit from power-law effects and long-term network value. The firm’s aggressive, Ethereum-first approach is also prompting other treasury companies to increase their ETH reserves, sparking a race among public firms to secure exposure.

BitDigital deepens Ethereum treasury bet as BitMine leads

In a separate move, BitDigital, another corporate Ethereum treasury company, is expanding its ETH holdings. The firm has announced a new $100 million convertible note offering, with nearly all proceeds earmarked for Ethereum purchases and expanding its reserve.

BitDigital already holds over 120,000 ETH, valued at more than $484 million, making it the 7th largest corporate ETH treasury. This marks a major shift for the company, which previously concentrated on Bitcoin mining before pivoting to an Ethereum-centered strategy and staking operations earlier this year.

Their strategy centers on raising capital through both equity and debt to continually build their Ethereum reserves, capture blockchain growth, and generate staking yields. This move aligns BitDigital with a growing trend among institutions seeking direct exposure to Ethereum’s network and utility, rather than just holding Bitcoin as a treasury asset.

Combined, corporate Ethereum holdings now stand at roughly 5.5 million ETH, worth about $22 billion at current prices. With firms like BitMine and BitDigital doubling down on accumulation, this figure is positioned to grow further, reinforcing ETH’s place as a top corporate treasury asset.