Bitmine Lifts Ethereum Treasury to 5.74M ETH, 4.8% of Supply

Ethereum News

Bitmine has expanded its corporate Ethereum holdings to 5,742,237 ETH, equal to roughly 4.8% of the network’s circulating supply of about 120.7 million ETH, according to the company’s own investor-relations disclosure. Chairman Tom Lee framed the position as a long-term bet that traditional finance and digital assets will eventually merge into a single market, with Ethereum, the second-largest altcoin by market value, sitting at the center. The disclosure marks one of the largest known corporate ETH treasuries and underscores a growing conviction among balance-sheet allocators that Ethereum is becoming core settlement infrastructure rather than a speculative satellite holding for institutions.

The accumulation has been methodical rather than opportunistic. The company’s IR statement confirms it added 27,084 ETH in its most recent weekly purchase, lifting the treasury above 5.7 million tokens before the latest update pushed the total past 5.74 million. That cadence of steady weekly buying, rather than single large blocks, points to a dollar-cost-averaging strategy designed to build exposure without spiking spot prices. For a firm holding nearly one in twenty circulating ETH, the pace matters: sustained corporate demand at this scale removes float from open markets and can tighten liquidity around key price levels over time.

Ethereum’s exchange-traded funds delivered their own milestone, setting a multi-month positive inflow record over the past week even as broader crypto sentiment stayed cautious. The recovery in ETH product demand ran alongside a rebound in spot Bitcoin funds, which snapped an eight-week losing streak with almost $200 million in net inflows after more than $8 billion had bled out of those vehicles since mid-May. On-chain and fund-flow data show the strongest single session drove $265.69 million into the Bitcoin funds, signaling that institutional appetite for regulated crypto exposure is beginning to stabilize after a prolonged drawdown.

Lee tied Ethereum’s outlook directly to the shifting U.S. regulatory backdrop, singling out the CLARITY Act as a catalyst that could remove long-standing legal ambiguity over how digital assets are classified. Clearer statutory rules, he argues, would let regulated financial institutions build on Ethereum with less compliance risk, accelerating the convergence thesis he has championed for years. That regulatory optimism is not universal, and until the legislation is enacted it remains an unconfirmed driver. Still, the framing reflects a broader institutional view that policy clarity, rather than short-term price action, is the gating factor for the next wave of on-chain adoption.

Beyond the treasury itself, Bitmine’s disclosure paints a diversified balance sheet. The company reported holding 206 Bitcoin, roughly $527 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings. Combined, its crypto, cash, securities, and other investments were valued at about $11.1 billion. The mix shows the firm treating Ethereum as its anchor asset while retaining traditional liquidity and outside equity positions, a structure that gives it flexibility to keep accumulating through volatility without being forced into distressed selling during a bear market.

Lee also pointed to expanding layer-2 payment activity as evidence the thesis is already materializing, citing involvement from Visa and Shopify in settlement rails built atop Ethereum. Layer-2 networks, which batch transactions off the main chain to cut fees and lift throughput, have become the practical venue for consumer-scale payments. As payment giants route real volume through these rails, Ethereum’s role shifts from an all-time-high speculation narrative toward measurable transaction utility. That utility, backers contend, is what ultimately justifies the corporate treasuries now forming around the asset and links network usage to long-term value.

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