Bitmine Immersion [BMNR] has increased its Ethereum holdings to surpass 4.06 million ETH. This cements its position as the world’s largest ETH treasury at a time when traditional institutional demand through spot ETFs is softening. 

The company now controls 3.37% of the entire Ethereum supply—a concentration level rarely seen outside early Bitcoin corporate treasuries.

The milestone comes as Bitmine accelerates accumulation, adding 98,852 ETH in just one week and more than 506,000 ETH in the last 30 days, according to both company disclosures and CoinGecko’s treasury tracker. 

The firm’s total crypto and cash holdings now stand at $13.2 billion, supported by high trading liquidity.

Ethereum treasury accumulation surges while ETF demand weakens

Bitmine’s rapid build-up contrasts sharply with the behavior of spot Ethereum ETFs. Recent SoSoValue data shows:

• Daily ETF outflows have dominated since October, with multiple days exceeding –$300M
• Total ETF net assets dropped from $31B to $18B
• ETH price has followed ETF flows almost tick-for-tick during the downtrend

This pullback marks a shift away from “early-cycle” institutional positioning. 

While the summer inflow wave generated strong buying pressure, lifting ETH from June through August, the market has since transitioned into a consolidation phase marked by reduced ETF participation.

Bitmine appears to be operating with a different thesis. 

Instead of tracking ETF-driven sentiment, the company is buying aggressively into weakness and positioning ahead of what it calls the “alchemy of 5%”: a target of owning 5% of the global ETH supply.

Bitmine now dominates the Ethereum treasury landscape

CoinGecko’s latest treasury ranking shows a wide gap between Bitmine and every other corporate ETH holder:

• Bitmine Immersion — 4,066,062 ETH
• SharpLink — 859,853 ETH
• The Ether Machine — 496,712 ETH
• Bit Digital — 153,546 ETH
• Coinbase — 148,715 ETH

Bitmine’s holdings are more than 4x larger than the next competitor, and the firm has generated the only meaningfully positive 30-day accumulation across the entire top 10 list.

Why this matters for Ethereum

Bitmine’s accumulation pushes Ethereum into a new phase of institutional adoption—one less tied to ETF speculation and increasingly anchored in:

• Corporate treasury strategies
• Validator economics
• Tokenization infrastructure, where Bitmine claims to be working closely with key DeFi players
• Long-term supply reduction, as large entities hold and stake ETH rather than circulate it

This centralized accumulation also carries market implications. 

Treasury demand is fundamentally less reactive than ETF flows. While ETFs respond to daily sentiment and macroeconomic pressures, treasury buyers often accumulate during downturns, thereby reducing the supply available to the open market.

With Ethereum’s net issuance already at historically low levels, these balances contribute to a tightening supply profile that may amplify future price cycles.

ETH price context: Consolidation now, but foundations strengthening

ETH trades around $2,990, down from its mid-year highs but stabilizing near long-term support. The recent ETF-driven correction contrasts with strengthening fundamentals:

• Active wallets and network usage remain high
• Treasury accumulation is rising
• Validator infrastructure is expanding
• Tokenization and L2 ecosystems continue gaining traction

Bitmine’s contrarian accumulation during this period indicates confidence in Ethereum’s long-term monetary structure and settlement role.

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Final Thoughts

• Bitmine’s 4M+ ETH milestone signals a shift from ETF-led to treasury-led institutional Ethereum adoption.
• With ETFs cooling, Bitmine’s accumulation strategy positions ETH for a future supply squeeze and deeper corporate integration.

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