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BitMine expands corporate ETH treasury with fresh purchases
BitMine has stepped up its Ethereum accumulation, adding a significant tranche of ETH to its corporate treasury as public firms increasingly target on-chain exposure. The technology company executed two transfers in under 24 hours that together amount to roughly $127 million in ETH, reinforcing its position as the largest corporate holder among institutional treasuries.
Recent on-chain transfers and totals
On September 30, on-chain monitoring showed BitMine moved 25,369 ETH (approximately $107 million) from FalconX into a newly created wallet tied to the company. Earlier the same day, the firm shifted another 4,985 ETH—worth about $21 million—from OKX into a separate fresh wallet. Lookonchain documented both transactions on X, which together represent around $127 million of ETH added to BitMine’s balance in under one day.
Where BitMine stands now
These purchases are consistent with BitMine’s long-term treasury strategy. The company now holds about 2.65 million ETH, with a market value exceeding $10.8 billion, representing roughly 2.19% of Ethereum’s circulating supply. Public statements earlier this year signaled an ambition to accumulate up to 5% of total ETH supply, a goal the firm’s leadership frames as a way to capture network growth and benefit from compounding, long-term value.
Market context: corporate treasuries shift toward Ethereum
BitMine’s accumulation is part of a broader trend among listed firms and treasuries that are diversifying beyond Bitcoin and targeting ETH for its network utility and staking yield opportunities. Corporate strategies now frequently combine equity raises, debt instruments, and convertible notes to finance continuous ETH purchases and staking operations.
BitDigital’s convertible note and ETH plans
Another notable mover, BitDigital, recently announced a $100 million convertible note offering with most proceeds earmarked for Ethereum purchases. The company currently holds over 120,000 ETH—valued at roughly $484 million—and ranks among the top corporate ETH treasuries. BitDigital’s pivot from a Bitcoin-mining focus to an Ethereum-first approach and staking operations underscores the intensifying institutional competition for ETH exposure.
What this means for ETH supply and institutional demand
Combined corporate ETH holdings are estimated at about 5.5 million ETH, roughly $22 billion at current prices. With major public firms like BitMine and BitDigital doubling down on accumulation, corporate demand could meaningfully impact available liquid supply and influence market dynamics for Ethereum. Institutional players are betting on ETH’s long-term role as a programmable settlement layer, staking income source, and a core treasury asset.
Implications for investors and the network
For investors, increased corporate treasuries in ETH highlights a shift in institutional allocation strategies and raises questions about supply concentration, staking rewards, and on-chain liquidity. For the Ethereum network, larger corporate stakes could accelerate staking participation and reinforce network security, but also increase the visibility of treasury-driven concentration risks.
As companies pursue convertible notes, direct purchases, and staking programs to build ETH reserves, monitoring on-chain flows, exchange withdrawals, and corporate disclosures will remain critical for understanding how institutional demand evolves and what it means for price discovery and network utility.
Source: crypto
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