BitMine, a Bitcoin-focused mining firm now listed on the NYSE, has stunned markets by amassing over $1 billion worth of Ethereum just weeks after pivoting its treasury strategy.
The firm now holds more than 300,000 ETH and has publicly committed to acquiring up to 5% of Ethereum’s total circulating supply.
The company’s leadership is treating the accumulation not just as a bet on ETH, but as a foundational shift in long-term strategy. Chairman Tom Lee revealed the milestone came within days of completing a $250 million private raise, underscoring the pace and scale of the operation.
CEO Jonathan Bates called the move a “statement of conviction,” adding that BitMine will continue building its ETH reserves while engaging in staking to support the network and earn yield. Ethereum, he said, represents “long-term technological and financial upside” unmatched in the digital asset space.
This push mirrors a broader trend of institutional interest in Ethereum. BitMine follows in the footsteps of SharpLink Gaming — now part of an Ethereum-centric corporate group — which recently became the world’s top ETH holder. As more firms reposition their reserves toward ETH, Ethereum is increasingly emerging as the preferred asset for treasury diversification beyond Bitcoin.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/bitcoin-miner-turns-to-ethereium-aiming-for-5-of-total-supply/
