BitMine Becomes Top Ethereum Treasury Holder with $2.3B in ETH, Launches $1B Buyback

BitMine has officially secured its position as the largest corporate holder of Ethereum and the fourth-largest crypto treasury globally, according to a press release issued Monday.

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The announcement came on the same day Ether (ETH) experienced a sharp price swing, surging 5.8% to $3,730 before settling around $3,654, based on CoinGecko data.

Aggressive Ethereum Strategy Gains Momentum

Just a month after unveiling its Ethereum-focused strategy, BitMine has moved aggressively to accumulate ETH, rapidly distancing itself from competitors.

“We’ve separated ourselves from other crypto treasury peers,” said Chairman Tom Lee, emphasizing the firm’s swift growth in net asset value per share. “BitMine moved with lightning speed in pursuit of the ‘alchemy of 5%’ of ETH.”

The company’s Ethereum holdings have now surpassed 625,000 ETH, valued at approximately $2.3 billion, making it the leading ETH treasury firm globally.

BitMine’s ascent surpasses firms like:

SharpLink Gaming with 438,200 ETH (approx. $1.61B)
The Ether Machine, now holding 345,400 ETH after a recent $40M acquisition
Ethereum Foundation with 232,600 ETH
PulseChain SAC with 166,300 ETH

Backing from Prominent Investors

BitMine’s meteoric rise is supported by major institutional figures including:

Billionaire Bill Miller III
Legendary macro investor Stanley Druckenmiller
Cathie Wood of ARK Invest

All three are known for their strong belief in long-term crypto adoption, particularly Ethereum.

Strategic Vision and Market Outlook

Lee expressed optimism for the broader crypto market in an interview with CNBC, citing soft U.S. labor data and potential dovish signals from the Federal Reserve. He suggested that easing monetary policy could drive both equity and crypto markets higher, potentially pushing the S&P 500 to new all-time highs—a move that would also benefit Ethereum.

With its latest accumulation, BitMine is not only betting on ETH’s price appreciation but also positioning itself as a dominant force in Ethereum treasury strategy.

$1 Billion Stock Buyback Unveiled

In a bold move reflecting growing confidence, BitMine announced a $1 billion open-ended stock buyback program last week. The initiative is designed to optimize capital allocation as the firm works toward its long-term objective of owning 5% of Ethereum’s total supply.

Lee described the buyback as a flexible tool to support the company’s broader Ethereum ambitions, aligning with what he terms the “alchemy of 5%.”

Stock Soars as Momentum Builds

BitMine’s accumulation spree included a massive 16-day purchase in July, during which it acquired 566,776 ETH worth over $2 billion—a move that catapulted the firm ahead of several major competitors.

Since early July, BitMine shares (BMNR) have soared more than 3,000%, reflecting surging investor confidence. The company’s stock options also began trading on the NYSE last month, further amplifying market interest and liquidity.

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