Ethereum treasury companies are reshaping on-chain ownership
Large corporate holders are increasingly shaping the structure of Ethereum ownership, moving the market away from fragmented retail distribution toward institutional treasury strategies. BitMine Immersion Technologies has now emerged as one of the most aggressive participants in this shift.
BitMine surpasses 4.14 million ETH in total holdings
According to the company’s latest release, BitMine has accumulated a total of 4,143,502 ETH, valued at approximately $13 billion. This represents around 3.43% of Ethereum’s total circulating supply, placing the company among the largest known ETH holders globally.
The firm reports an average acquisition price of $3,196 per ETH, indicating that a significant portion of its purchases were made during the market consolidation phase rather than during short-term price spikes.
Staking strategy expands alongside treasury growth
BitMine is not simply holding Ethereum passively. The company has already deployed 659,219 ETH into staking, an amount currently valued at roughly $2 billion. This approach transforms the treasury into a yield-generating asset while simultaneously increasing BitMine’s influence within Ethereum’s proof-of-stake validator ecosystem.
Over the past week alone, the company added another 32,977 ETH to its balance, representing approximately $103 million in fresh purchases.
Strong cash position supports further accumulation
Beyond its crypto reserves, BitMine disclosed that it currently holds around $915 million in free cash available for future ETH acquisitions. This liquidity buffer suggests that the company may continue scaling its treasury if market conditions remain favorable.
BTCUSA outlook
BitMine’s accumulation strategy illustrates how Ethereum is increasingly being treated as a long-term balance-sheet asset rather than a purely speculative instrument. With over 3% of total supply now concentrated within a single corporate treasury, questions around decentralization, staking influence, and systemic risk are likely to become more prominent throughout 2026.
If similar strategies are adopted by other publicly traded firms, Ethereum’s ownership dynamics could undergo one of the most significant structural transformations since the transition to proof of stake.
