With its 1.7 million ETH, BitMine embodies the new trend: Ethereum is entering the realm of institutional reserves. The rise of Ether ETFs, supported by significant financial flows, is evidence of an ongoing transformation, and treasuries are joining the party.
A dominant position for Ether?
BitMine has announced that it now holds 1.7 million Ether, valued at approximately $8 billion, in addition to $562 million in cash. That’s a lot of money still available to buy even more Ether.
This brings its total cash reserves to $8.8 billion, making the company the world’s largest institutional holder of ETH and the second largest crypto treasury globally, just behind Strategy, Michael Saylor’s company known for its colossal Bitcoin reserves.
This trajectory accelerated over the summer. Since the end of June, BitMine has acquired more than 190,000 additional ETH, confirming its rapid accumulation strategy. This move has been made possible by strong stock market activity: its stock, which trades under the ticker BMNR, is now among the 20 most traded stocks in the United States, with a daily volume of several billion dollars.
Ethereum, an institutional asset in the making
The company presents Ether as a long-term strategic asset, whose importance could grow as traditional finance and new technologies, particularly artificial intelligence, adopt blockchain. According to its president, this shift could mark a profound transformation of the global financial system, comparable to certain historical turning points in the markets.
The company therefore considers the arrival of Wall Street and artificial intelligence on the blockchain to be a structural transformation of finance, comparable to the end of Bretton Woods in 1971, which ushered in a new era for financial markets.
This enthusiasm is reflected in the accumulation of ETH by a growing number of specialized treasuries, as well as in US spot ETFs.
At the time of writing, Ethereum treasuries hold 2.1 million ETH, up from 862,000 a month ago. This trend seems to suggest that it’s time for ETH to shine… to the point of eclipsing Bitcoin? In any case, the second most capitalized cryptocurrency on the market celebrated its new ATH this weekend.
