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Bitmine grows treasury to 5.78M ETH as Ether outpaces Bitcoin
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Bitmine, the leading Ethereum treasury firm, announced Monday that its Ether holdings have reached 5.78 million tokens, representing about 4.8% of Ethereum's circulating supply. The company added 7,430 ETH over the past week, closing in on its stated goal of accumulating 5% of all ETH. This expansion underscores Bitmine's aggressive strategy to dominate Ethereum's staking ecosystem as Ether continues to outperform Bitcoin. Approximately 85% of its treasury, or 4.9 million ETH, is currently staked through its validator network and partners, generating steady revenue. The company valued its crypto, cash, and marketable securities at $11.5 billion, including 207 Bitcoin and $385 million in cash and securities.
Bitmine's treasury growth comes amid a shifting landscape in corporate crypto holdings. The world's largest corporate Bitcoin holder, Strategy, paused Bitcoin purchases for a second straight week, instead raising capital through stock sales and growing its cash reserve to over $3.2 billion. Meanwhile, Ethereum has outperformed Bitcoin over both the past week and month, gaining about 6.7% and 10%, respectively, compared to Bitcoin's 5.8% and 2.6% gains, according to CoinGecko data. This divergence highlights Ethereum's increasing appeal as a store of value and staking asset.
Key figures from Bitmine's announcement include a $45.7 million revenue from its institutional staking platform, MAVAN, during the three-month period ended May 31, accounting for 98% of the company's total revenue. Bitmine also repurchased 5.5 million shares under its previously authorized $4 billion buyback program. The company's shares rose over 6% in Monday afternoon trading, bringing their one-month gain to around 3.3%. These metrics reflect strong investor confidence in Bitmine's model.
The implications of Bitmine's massive ETH holdings are significant for the Ethereum network. By staking nearly 5% of the circulating supply, Bitmine gains substantial influence over network security and governance, though it also centralizes control. The company's move aligns with broader institutional trends, as seen with the launch of Robinhood Chain, an Ethereum layer-2 network built on Arbitrum for tokenized stocks. Launched July 1, the chain attracted over $141 million in bridged Ether in its first two weeks, reigniting debate over institutional adoption's impact on ETH demand.
Reactions from analysts highlight contrasting perspectives. Max Shannon, senior research analyst at Bitwise, told Cointelegraph that Robinhood Chain reflects the "growth of the Ethereum ecosystem," particularly among traditional financial institutions. However, ARK Invest's Lorenzo Valente argued that while Robinhood Chain supports the bullish case for ETH as the ecosystem's monetary asset, it weakens the investment thesis that Ethereum derives significant value from layer-2 fee revenue. Bernstein analysts raised their price target on Robinhood to $160 from $130, citing tokenized equities and prediction markets as growth drivers.
Looking ahead, the price of ETH has climbed about 20% from roughly $1,582 on July 1 to around $1,900 at the time of writing, buoyed by institutional developments. Bitmine's continued accumulation and staking activities are likely to reinforce Ethereum's position as a leading proof-of-stake network. However, questions remain about the sustainability of such concentrated holdings and the long-term value proposition of Ethereum's layer-2 scaling solutions. As corporate giants like Bitmine and Robinhood deepen their roots in Ethereum, the network's evolution toward mainstream finance appears increasingly inevitable.
