BitMine’s Ethereum treasury surged again last week after the firm added ~190,500 ETH—roughly $900 million—bringing its holdings to about 1.71 million ETH (near $8 billion), cementing BitMine as the second-largest publicly traded crypto treasury by ETH exposure.
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BitMine added ~190,500 ETH last week, raising total to 1.71M ETH.
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Net asset value (NAV) per share rose ~75% since end of July, boosting crypto NAV.
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BitMine’s ETH holdings equal just under 1.5% of total supply; mNAV sits near 1.0 per StrategicETHReserve.xyz data.
BitMine Ethereum treasury jumps to 1.71M ETH after a $900M addition; read the market impact and next steps for institutional treasuries at COINOTAG.
What is the latest on the BitMine Ethereum treasury?
BitMine’s Ethereum treasury expanded by nearly 190,500 ETH last week, increasing total holdings to about 1.71 million ETH and lifting the firm’s crypto NAV and market relevance. The move added roughly $900 million in ETH and raised BitMine’s cash and crypto holdings by $2.2 billion for the week.
How much ETH did BitMine add and what does that mean?
BitMine added more than 190,500 ETH—valued at roughly $900 million at the time—bringing cumulative holdings to 1.71M ETH. This represents nearly 1.5% of Ethereum’s circulating supply and follows a prior week addition of ~373,000 ETH that had already materially increased the firm’s dollar-value footprint compared with peers like MARA Holdings.
Why does mNAV matter for crypto treasury firms?
mNAV (market-to-net-asset-value) gauges a treasury company’s market cap versus its underlying crypto holdings. When mNAV trades above 1.0, firms can issue stock to raise funds for more crypto purchases; below 1.0, they may sell assets to buy back shares. BitMine currently trades around a ~1.0 mNAV per StrategicETHReserve.xyz data.
How did ETH price action affect BitMine’s moves?
Ethereum rallied to near $5,000 over the weekend, briefly setting a new all-time high. Price momentum amplified the dollar value of BitMine’s ETH purchases and increased the firm’s NAV per share by about 75% since late July.
What are the strategic implications for treasury managers?
Treasury firms increasingly prioritize building large, liquid crypto treasuries to capture macro upside. BitMine’s chairman, Tom Lee, noted institutional fundraising velocity and trading liquidity as drivers of the strategy. Firms watch mNAV to time capital raises or buybacks.
Comparison: Public crypto treasuries (summary)
| Entity | Primary Crypto | Holdings (approx.) | Notes |
|---|---|---|---|
| BitMine | ETH | 1.71M ETH (~$8B) | Second-largest public crypto treasury by ETH exposure |
| Strategy (Michael Saylor) | BTC | Largest publicly traded BTC treasury | Known for persistent accumulation |
| MARA Holdings | BTC | Large BTC miner treasury | Previously exceeded by BitMine in dollar terms during recent buys |
Frequently Asked Questions
How does BitMine fund its ETH purchases?
BitMine raises capital from institutional investors and may issue equity when mNAV is favorable; recent fundraising allowed consecutive large ETH acquisitions.
Will BitMine keep accumulating Ethereum?
According to company statements, BitMine plans to continue its ETH accumulation strategy, citing long-term macro conviction in Ethereum’s role in blockchain-based finance and AI infrastructure.
Key Takeaways
- Major purchase: BitMine added ~190,500 ETH, totaling ~1.71M ETH.
- NAV impact: Crypto NAV per share rose ~75% since late July.
- Strategic posture: Continued institutional fundraising and focus on ETH accumulation signal long-term conviction.
Conclusion
The BitMine Ethereum treasury expansion underscores a broader shift toward corporate crypto treasuries and institutional ETH accumulation. BitMine’s ETH holdings and rising NAV metrics position it as a major market participant; monitor mNAV and ETH price action for the next strategic moves.
By: COINOTAG Published: 2025-08-25 Updated: 2025-08-25
