What happened?
BitMine disclosed it now holds about 2.65 million ETH (roughly $11 billion) as part of $11.6 billion in total crypto and cash, after adding roughly 234,846 ETH last week. The stock jumped more than 6% on the news but remains down about 4% over the past week. That buying spree makes BitMine the world’s second-largest crypto treasury and gives it roughly a third of all corporate-held Ethereum.
Who does this affect?
This matters to Ethereum investors and traders because a huge buyer taking coins off the market can change supply dynamics and price behavior. It also affects exchanges and custodians as institutional flows move toward self-custody and staking, leaving fewer coins on exchange books. BitMine shareholders and rival corporate treasuries feel the ripple — shareholders are watching whether these buys translate into sustained stock gains while competitors fall further behind in ETH holdings.
Why does this matter?
Institutional accumulation like BitMine’s can tighten available supply and help underpin ETH prices, especially as exchange balances hit multi-year lows. That concentration can increase short-term volatility and make price moves more sensitive to large buys or sells, so any breakout above resistance could be sharp but may include pullbacks. More broadly, big corporate treasuries shaping token supply shifts market sentiment and could accelerate institutional adoption trends like staking and long-term holding.