Bitmine Tops Ethereum Treasury Race With 1.15M ETH
Bitmine Immersion Technologies has become the first company to accumulate over 1 million ETH in its Ethereum treasury, reaching 1 150 263 tokens valued at $4.9 billion. The firm added 317 126 ETH in one week, boosting its treasury value by $2 billion. Launched on June 30, Bitmine’s Ethereum treasury now represents 34% of the 3.49 million ETH held by corporate treasuries, ahead of SharpLink’s ~600 000 ETH (17%). Overall, treasury-managed ETH accounts for 2.9% of supply, while spot Ether ETFs hold about 5%. Bitmine’s stock (BMNR) sees average daily trading volume of $2.2 billion and has risen 1 300% since it began stacking ETH. Ether hit a 3.5-year high of $4 350, 12% below its all-time peak, amid record ETF inflows exceeding $1 billion.
Bullish
Bitmine’s milestone of surpassing 1 million ETH in its treasury signals strong institutional demand, reinforcing bullish sentiment around Ether. Large-scale corporate accumulation has historically coincided with upward price momentum, as seen when MicroStrategy’s Bitcoin purchases contributed to BTC rallies in 2020–2021. Bitmine’s aggressive stacking drives supply off exchanges, tightening liquidity and potentially supporting higher prices in both short and long term. Additionally, record ETF inflows and rising ETH prices reflect growing investor confidence. Traders may respond with increased long positions, anticipating continued upside as treasury demand persists and ETF adoption expands.