Bitmine, a crypto firm led by Tom Lee, has significantly increased its Ethereum (ETH) holdings, purchasing another $69 million worth of ETH through Galaxy Digital. This acquisition brings Bitmine’s total ETH treasury to approximately 1.95 million ETH, making it the largest corporate holder of Ethereum.
This latest buy, which involved several large, coordinated over-the-counter (OTC) settlements, is part of Bitmine’s aggressive accumulation strategy. The company’s portfolio is almost entirely composed of Ethereum, positioning it as the “Michael Saylor” equivalent for ETH institutional adoption.
The purchase comes as other corporate entities also expand their Ethereum treasuries. For example, The Ether Machine is moving to go public via a SPAC merger, and SharpLink Gaming is conducting a share buyback. Analysts note that Ethereum-focused treasuries are gaining an advantage over their Bitcoin and Solana counterparts because ETH generates a staking yield, which supports long-term value.
Despite this strong institutional interest and accumulation, Ethereum’s price has been under recent pressure, trading down in the past 24 hours and over the last week.
September 2025, Cryptoniteuae
