Key Highlights
- BitMine has acquired over 179K new ETH, worth $820.6 million, in the last week
- Tom Lee expressed his optimism about the future of Ethereum
- Ethereum closes near its all-time high amid impressive inflows in ETFs
On October 6, BitMine Immersion, the leading Bitcoin mining company, revealed the acquisition of 179,251 new Ethereum tokens worth $820.6 million in the last week.
With the injection of additional ETH, the company now owns 2,830,151 ETH, making it the largest Ethereum holding company in the world.
In the press release, BitMine shared details about its crypto + cash + “moonshots” holdings, totalling $13.4 billion. Tom Lee, chairman of BitMine, expressed his optimism about the future of Ethereum. According to him, crypto and AI are “two Supercycle investing narratives.”
The press release also revealed the discussions between the BitMine team and Ethereum core developers to shed light on how they are focusing on Wall Street and AI to build the future on Ethereum.
“Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime. These two powerful macro cycles will play out over decades. Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH. As we mentioned in our August Chairman’s message, the power law benefits large holders of ETH; hence, we pursue the ‘alchemy of 5%’ of ETH,” Tom Lee stated in a press release.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” he added further. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”
Not just ETH, BitMine also holds Bitcoin in its digital asset treasury. At the time of writing, the company is holding around 192 Bitcoin. While this count is comparatively small to Bitcoin holding giants like Strategy, which currently owns 640,031 Bitcoin, it shows that the company is preferring cryptocurrencies in its balance sheet.
Ethereum Treasury Trend Surges With New Developments
After witnessing the wave in the Bitcoin holding companies, many companies are now choosing ETH over Bitcoin for their treasury reserves in 2025. One of the major reasons behind this trend is ETH’s ability to offer staking rewards. It means that companies can earn a 3-5% return on their ETH, which makes it a profitable asset.
According to CoinGecko, public companies are now holding around 3.33% of the ETH supply. This latest trend is reducing the available supply of ETH. Combined with Ethereum’s fee-burning mechanism, this creates buying pressure and helps the price.
Wall Street’s approval of spot ETH ETFs in 2024 supercharged this trend. These ETFs have brought in billions of dollars, while Bitcoin ETFs saw outflows. Major financial firms like BlackRock are leading this demand.
On the other hand, the team behind Ethereum and its core developers are relentlessly working to enhance its performance to achieve new scalability. Layer-2 solutions are also helping it expand its ecosystem. Big institutions are using Ethereum to tokenize real-world assets.
According to some experts, Ethereum has become a top-notch choice as its preferred blockchain. This optimism from Wall Street has supercharged this trend. For example, Spot ETH ETFs, approved in July 2024, attracted 4 million in total. Among all ETH ETFs, BlackRock’s ETHA is leading the chart with $18.28 billion in market capitalization, according to Coinglass.
Additionally, some positive developments from regulatory authorities under pro-crypto U.S. President Donald Trump are also benefiting the crypto sector. For example, recently Securities and Exchange Commission has given approval to in-kind redemptions and liquid-staking tokens, which opened the door for tokens like ETH, boosting its liquidity.
Institutions like State Street are tokenizing assets on Ethereum. Similarly, Robinhood has enabled ETH-based stock trading via Arbitrum.