Bitmine Surpasses 4 Million ETH After Latest Buy

The company said its Ethereum was accumulated at an average price of $2,991 per token, and its holdings were valued at roughly $12.2 billion, returning the treasury to profit after an earlier market drawdown. On the other hand, ETHZilla reported selling 24,291 ETH for about $74.5 million to redeem outstanding senior secured convertible notes, reducing its balance to around 69,800 ETH. The filings show that while some Ethereum-focused treasury firms are increasing exposure, others are reducing holdings to address leverage, debt obligations, and liquidity needs.

Bitmine’s Treasury Crosses 4 Million ETH

Ethereum treasury firm Bitmine crossed a major accumulation milestone after its Ethereum holdings surpassed 4 million tokens this week. The company disclosed on Monday that it now holds more than 4.06 million ETH, which makes it one of the most aggressive corporate holders of the asset globally.

The latest increase in holdings comes after Bitmine acquired 13,412 ETH, valued at roughly $40.6 million, according to on-chain data from Lookonchain. This purchase forms part of a broader buying spree over the past week, during which the firm added close to 100,000 ETH to its balance sheet. Bitmine said all of its Ethereum was accumulated at an average purchase price of $2,991 per token.

Chairman Tom Lee described the milestone as a big achievement as the company reached this level of accumulation in just over five months. He said Bitmine added 98,852 ETH in the past week alone, pushing total holdings beyond what he described as a “crucial” 4 million ETH threshold. After Ethereum reclaimed the $3,000 level over the weekend, the company’s treasury moved back into profit after being underwater following the October market downturn. At press time, the price of ETH stood closer to $2,993.

ETH’s price action over the past week (Source: CoinMarketCap)

At current market prices, Bitmine’s Ethereum position is valued at approximately $12.2 billion. The company wants to eventually control 5% of the total Ethereum supply, a target that would represent one of the most concentrated institutional exposures to the Ethereum ecosystem. Based on current figures, Bitmine is already around two-thirds of the way toward that goal, according to data from Strategic ETH Reserve.

Beyond accumulation, Bitmine is positioning its Ether holdings as a foundation for future yield generation. The company plans to integrate staking into its treasury strategy in early 2026 through a proprietary initiative called the Made in America Validator Network, or MAVAN. Lee said the staking platform is designed to offer what the firm believes will be best-in-class, secure infrastructure for generating additional value for shareholders.

Shares in Bitmine surged more than 600% over the past six months, with its Ethereum-focused treasury emerging as a key driver of the rally. 

ETHZilla Cuts ETH Holdings

On the other hand, crypto treasury firm ETHZilla recently sold a portion of its Ethereum holdings to shore up its balance sheet. In a filing with the US Securities and Exchange Commission (SEC), the company revealed that it sold 24,291 ETH for proceeds of roughly $74.5 million, at an average price of $3,068.69 per token. After the transaction, ETHZilla said it held approximately 69,800 ETH.

According to the filing, the company plans to use all or a big portion of the sale proceeds to redeem its outstanding senior secured convertible notes. The move forms part of the growing trend among digital-asset treasury companies to reduce leverage and improve liquidity.

ETHZilla only recently adopted its Ethereum-focused strategy. The company rebranded from 180 Life Sciences Corp on July 29, which was a decisive shift away from its former identity as a clinical-stage biotechnology firm. Before the pivot, the company’s shares collapsed more than 99.9% since its 2020 public listing. Since the rebrand, ETHZilla wanted to reposition itself as a crypto-native investment vehicle, though its stock performance has remained under pressure.

In December, the company announced two strategic acquisitions, taking a 20% fully diluted stake in automotive finance-focused AI startup Karus and a 15% stake in digital housing lender Zippy. Despite these moves, ETHZilla’s shares closed down 8.7% on Monday and are more than 65% lower year-to-date, according to Google Finance data.

ETHZilla YTD share price (Source: CoinMarketCap)

The sale also comes during a recalibration among publicly traded crypto treasury companies. Corporate adoption of Bitcoin and Ethereum has accelerated, with roughly 190 listed companies now holding Bitcoin and 27 public firms collectively holding about 6 million ETH, or roughly 5% of Ethereum’s circulating supply. However, with Bitcoin and major altcoins pulling back from record levels, some companies started liquidating digital assets to manage debt and strengthen balance sheets.