BitMine Becomes First Corporate Treasury to Surpass 1 Million Ethereum

BitMine has officially become the first corporate treasury to amass more than 1 million Ethereum (ETH), after its holdings surged to 1.17 million ETH on August 15 - valued at more than $5 billion at current market prices.

The company accelerated accumulation in recent weeks, adding 317,126 ETH worth around $2 billion in a single week alone. Chairman Tom Lee said earlier this month that BitMine intends to move with “lightning speed” to secure 5% of Ethereum’s total supply, underscoring the firm’s aggressive treasury strategy.

Ethereum treasury race heats up

BitMine’s rapid climb – from zero to over 1 million ETH since launching its strategy on June 30 – now places it firmly ahead of SharpLink Gaming, which holds 728,804 ETH. SharpLink disclosed on August 15 that it has raised over $2.6 billion for acquisitions and staked nearly all of its tokens, earning an additional 1,326 ETH in cumulative rewards.

According to data from the Strategic ETH Reserve, 71 Ethereum-focused treasury firms currently hold a combined 3.7 million ETH, valued at about $16.3 billion. This represents 3.06% of ETH’s total supply. Collectively, these firms plan to allocate roughly $27 billion for further purchases, which could bring corporate control closer to 10% of the circulating supply.

Read More:

Bitcoin Holders Lock In: Less Than 23% of BTC Moved in Six Months

BitMine prepares next funding wave

To maintain its lead, BitMine has filed an amendment to expand its at-the-market equity program by $20 billion, providing fresh firepower for acquisitions. The move signals that the company isn’t slowing down and may continue absorbing large portions of ETH’s available liquidity.

Analysts warn that such heavy accumulation could have far-reaching effects on Ethereum’s price dynamics, staking yields, and network decentralization. While corporate interest may bolster institutional confidence, it also raises questions about how concentrated control of ETH supplies could reshape governance and market stability in the years ahead.