Bitmine Immersion has boosted its Ethereum holdings, now exceeding 4.06 million ETH. This solidifies its status as the largest ETH treasury globally, coinciding with a period of waning traditional institutional demand via spot ETFs. The company currently holds 3.37% of the total Ethereum supply, a level of concentration that is seldom observed outside of the early corporate treasuries in Bitcoin. The milestone arrives as Bitmine ramps up its accumulation efforts, adding 98,852 ETH in a single week and over 506,000 ETH in the past 30 days, as reported. The firm’s total crypto and cash holdings have reached $13.2 billion, bolstered by robust trading liquidity.
Bitmine’s swift expansion stands in stark contrast to the actions of spot Ethereum ETFs. Recent data indicates: since October, daily ETF outflows have been a significant trend, with several instances surpassing –$300M. The total net assets of ETFs have decreased from $31B to $18B. Throughout this downtrend, ETH price has closely mirrored ETF flows almost tick-for-tick. This pullback signifies a departure from “early-cycle” institutional positioning. The summer inflow wave created significant buying momentum, propelling ETH from June to August. However, the market has now shifted into a consolidation phase characterized by diminished ETF involvement.
Bitmine seems to be pursuing a distinct thesis. The company is opting for an aggressive buying strategy during market dips, focusing on positioning itself for what it refers to as the “alchemy of 5%”: a goal of acquiring 5% of the global ETH supply. Bitmine now leads the Ethereum treasury landscape. According to latest treasury ranking, there is a significant disparity between Bitmine and all other corporate ETH holders. Bitmine’s holdings surpass those of its nearest competitor by more than four times, and the company stands out as the sole entity to have achieved a significantly positive 30-day accumulation among the entire top 10 list. Bitmine’s accumulation propels Ethereum into a new era of institutional adoption—one that is less reliant on ETF speculation and more firmly grounded in centralized treasury demand. This centralized accumulation also has significant market implications. Treasury demand exhibits a fundamentally lower level of reactivity compared to ETF flows. ETFs react to daily sentiment and macroeconomic pressures, whereas treasury buyers typically accumulate during downturns, which in turn decreases the supply available in the open market. Ethereum’s net issuance is currently at historically low levels, and these balances are contributing to a tightening supply profile that could enhance future price cycles.
Context on ETH price: consolidation is underway, yet the foundations are strengthening. ETH is currently trading around $2,990, having dipped from its mid-year highs but finding stability close to long-term support. The recent correction driven by ETFs stands in stark contrast to the strengthening fundamentals: tokenization and L2 ecosystems are on the rise, capturing increasing attention in the market. Bitmine’s contrarian accumulation during this period signals a strong belief in Ethereum’s long-term monetary framework and its role in settlement. Bitmine’s achievement of over 4 million ETH marks a significant transition from ETF-driven to treasury-driven institutional adoption of Ethereum. As ETFs cool off, Bitmine’s accumulation strategy is setting the stage for a potential supply squeeze in ETH and deeper integration within corporate frameworks.