Bitmine Holds 1.87M ETH, Becomes Largest Ethereum Treasury
Bitmine has steadily expanded its Ethereum treasury, growing from over 1.71 million ETH in June 2024 to 1.87 million ETH (valued at $8.98 billion) as of August 31. This record ETH holding cements Bitmine’s position as the world’s largest corporate Ethereum treasury. Alongside its Ethereum treasury, Bitmine holds 192 BTC and $635 million in cash, making it the second-largest crypto treasury firm after MicroStrategy. The company’s balance sheet diversification strategy—combining sizable on-chain exposure with cash reserves—underscores growing institutional demand for ETH. Traders should watch for potential supply constraints, shifts in market liquidity driven by large corporate treasuries, and increased bullish momentum for Ethereum.
Bullish
Bitmine’s accumulation of 1.87 million ETH reduces available supply and signals strong institutional confidence in Ethereum’s long-term roadmap. In the short term, large-scale holding may tighten liquidity and drive upward price spikes as traders anticipate corporate diversifications. Over the medium to long term, sustained institutional accumulation tends to support higher floor prices and bullish sentiment, reinforcing Ethereum’s market stability and growth prospects.