Bitmine bought another 71,672 Ether this week, pushing its total holdings past 5.27 million ETH and closing in on its stated goal of owning 5% of the network's supply. The acquisition comes just days after the company, which pivoted from Bitcoin mining to Ethereum accumulation, disclosed a total treasury of 5,278,462 ETH — equal to 4.37% of all circulating coins. Its closest rival in the digital asset treasury space, Strategy, remains the largest corporate Bitcoin holder globally with 843,738 BTC, a position it built through a series of large purchases funded by stock sales.
Bitmine's Ethereum sprint
The 71,672 ETH bought over the past seven days is part of a broader push by Bitmine to reach 5% of Ethereum's supply by the end of 2026. The company, originally a Bitcoin miner, shifted its strategy to focus on Ether accumulation earlier this year. It now holds more than 4% of all ETH in circulation, making it the second-largest publicly known corporate holder of a major cryptocurrency after Strategy.
How Strategy funded its stash
Strategy's 843,738 BTC — representing over 4.2% of the total Bitcoin supply — were acquired through a series of purchases, including a 24,869 BTC buy in 2024 that cost $2.01 billion at an average price of $80,985 per coin. That deal, the company's second-largest that year after a 34,164 BTC acquisition in April, was funded through sales of STRC and MSTR stock offerings, according to an SEC filing. STRC contributed the majority of the proceeds.
The corporate treasury race
The two firms now dominate the corporate crypto treasury landscape. Strategy, with its $75,700 average cost basis across all Bitcoin holdings, remains profitable on its overall portfolio despite recent price fluctuations. Bitmine, meanwhile, is adding Ether at a pace that suggests it may hit its 5% target before the end of the year. Both companies have signaled no intention of slowing their accumulation strategies, leaving the market to watch how far they'll go.
