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BitMine Continues Ether Buying Spree
According to a Tuesday announcement, BitMine now holds 1,866,974 Ether (ETH). The Las Vegas-based firm, which launched its Ether-denominated treasury strategy in late June and has accelerated purchases in recent weeks, currently owns 1.55% of the 120.7 million Ethereum in existence.
Strategic Ethereum Reserve data shows that BitMine is the world’s largest corporate holder of Ethereum, with its holdings valued at over $8.1 billion. For perspective, BitMine owns more Ethereum than the combined holdings of Ethereum treasury companies SharpLink Gaming and The Ether Machine, as well as the non-profit Ethereum Foundation. The company only trails the Bitcoin-focused Strategy’s $71 billion BTC holdings among all crypto treasury firms.
BitMine’s portfolio as of Sept. 2 also included $635 million in unencumbered cash for further ETH acquisitions. The company has maintained its long-term objective is to acquire as much as 5% of the second largest crypto’s supply.
Last month, Lee’s company laid out plans to bolster financing capacity by over $20 billion to support additional acquisitions.
 
Ether Treasuries Continue Expanding
BitMine’s push comes as corporate ether treasuries gain significant traction lately amid a friendlier U.S. policy backdrop for stablecoins and institutional crypto products. These crypto treasury vehicles, like BitMine, offer investors exposure to networks like Ethereum and Solana without having to hold the native tokens directly.
As ZyCrypto reported on Tuesday, Yunfeng Financial Group, a Hong Kong-listed company with ties to Alibaba founder Jack Ma, snapped up 10,000 ETH worth roughly $44 million.