BitMine becomes first ETH treasury company to cross the 1M ETH milestone

BitMine (BMNR) is the first treasury company to cross the 1M milestone for its ETH treasury. BitMine has been buying aggressively, outcompeting SharpLink Gaming. 

BitMine (BMNR) now holds 1.2M ETH, based on reports of all existing treasuries. BMNR retains its primacy in both the size of recent purchases and absolute holdings. The treasury expansion is part of the company’s plan to acquire 5% of the entire ETH supply. 

ETH treasuries picked up relatively recently, as the pace of buying accelerated beyond the daily ETF activity. There is currently no specific standard for building the treasuries, and some entities have started using their old ICO reserves as a second chance for success. 

Following the latest purchase, BMNR shares rallied to a one-month high of $64.35. BMNR is now the 25th most liquid US-based share, with $2.2B in daily volumes, 

BitMine focuses on large-scale, fast ETH purchases

BitMine Immersion Technologies generally completes big purchases, with the latest addition of over 317K ETH being the largest so far. In 2025, BitMine completed around 20% of its goal of owning 5% of the ETH supply outright, as a single entity. 

BitMine has been buying up ETH at a much higher speed compared to Michael Saylor’s Strategy. The company’s founder, Tom Lee, retains significant influence over the crypto space, with his latest role linked to the performance of ETH and its acceptance as a treasury asset.

Previously, ETH treasuries were seen as a liability, with many early buyers divesting fully, even at lower market prices. Even large-scale holders like Grayscale sold at much lower prices, based on low demand from their ETP. Now, ETH is becoming a rare commodity mostly for its role in generating passive income. For that reason, BitMine aims for a significant share, capable of generating predictable fees and returns from DeFi, staking, or liquid staking.  

SharpLink Gaming adds a smaller ETH purchase

SharpLink Gaming is also not lagging with its treasury-building activities, but remains dedicated to regular ETH purchases. SharpLink also retains $600M in cash and has more leeway for its ATM purchase program compared to BitMine.

The latest addition was for a total of 79.6K ETH, valued at over $320M. Both of the leading treasury builders did not stop buying even as ETH hit new local highs above $4,300. Treasuries expanded even as earlier anonymous whales divested their ETH holdings or traded actively to lock in gains. 

The recent growth of ETH treasuries coincided with more selling from early ICO wallets. One of the whales prepared 10K ETH for sale through an intermediary address. Some of the early ETH holders may be using the building of treasuries to find liquidity for their ETH. 

Following the latest additions of ETH, SBET market prices also staged a recovery. The stock rose from recent lows of $17.18 at the beginning of August to $27.24. SBET is also closely watched for its earnings report coming on August 13, which will reveal the initial success of the ETH treasury decision.

ETH and alternative treasuries for SOL, BNB, LTC, and even meme tokens like BONK have accelerated in the past few weeks. An ongoing crypto rally may boost interest in treasury stocks and allow for more active fundraising and stock sales.

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