BitMine Expands ETH Treasury Beyond $9 Billion

The firm’s holdings now exceed 2 million ETH – worth nearly $9 billion – after another major purchase this month, placing it second only to Strategy Inc. among global crypto treasuries.

Ethereum as the Anchor

Instead of simply stockpiling Bitcoin like many peers, BitMine has carved out its identity by leaning heavily on Ethereum. That approach has accelerated in recent weeks, with the company adding more than $800 million in ETH on top of a $668 million buy just days earlier. Each $100 swing in Ether’s price now shifts BitMine’s balance sheet by more than $200 million, underscoring how closely tied the company has become to the token’s trajectory.

Beyond Pure Treasury

At the same time, BitMine is pushing beyond accumulation. A $20 million investment in Nasdaq-listed Eightco marked the launch of its “Moonshot” strategy – a program dedicating a portion of reserves to projects it views as foundational for the next wave of digital adoption. Eightco has chosen Worldcoin, a controversial token tied to digital identity verification, as its own reserve asset.

Fundstrat’s Thomas Lee, who chairs BitMine, argues that Ethereum and identity-linked tokens could play a crucial role as artificial intelligence reshapes digital interaction. He likened today’s environment to the financial upheaval of the 1970s when the gold standard collapsed, suggesting Ethereum could be the anchor for an entirely new system of trust.

Wall Street Embrace

Investors have responded with heavy trading interest. BitMine’s stock is now one of the most actively traded equities in the U.S., with average daily volumes topping $1.7 billion – more than Exxon Mobil and Costco. Major backers include ARK Invest’s Cathie Wood, Galaxy Digital, and Pantera, reflecting growing institutional acceptance of Ethereum-focused strategies.

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