BitMine Boosts Corporate Treasury by Adding $113M in Ethereum

SAN FRANCISCO, Oct. 29, 2025 – Blockchain analytics platforms, including Arkham Intelligence and Lookonchain, have identified a cluster of wallets linked to BitMine, a publicly listed cryptocurrency mining and infrastructure firm, which has accumulated more than $113 million in Ethereum (ETH) over the past two weeks.
The largest transfer, approximately 34,000 ETH, occurred on October 25 according to on-chain records, moving from an exchange hot wallet to a newly created custody address associated with BitMine’s treasury operations.

Tom Lee(@fundstrat)'s #Bitmine just bought another 27,316 $ETH($113M) and currently holds 3.34M $ETH($13.3B).https://t.co/STJqKkdLMxhttps://t.co/EWFNQ8CMI9 pic.twitter.com/LjydR5CXVp

— Lookonchain (@lookonchain) October 29, 2025

The transactions were confirmed through cross-chain tracking, suggesting the firm may be diversifying its holdings amid improving market conditions. Several of the transactions appear to be structured across multiple wallets, a common pattern in institutional accumulation.

Is Ethereum becoming the new reserve asset for crypto-native firms? The data suggests that BitMine’s recent activity could mark a new phase of corporate digital asset management.

BitMine’s Strategic Shift Toward Ethereum Exposure

Prior to this move, BitMine’s corporate treasury was heavily weighted toward Bitcoin, with an estimated 6,200 BTC held as of Q2 filings. The new Ethereum allocation represents a notable 28% increase in total crypto exposure.
Industry observers believe the shift reflects growing corporate interest in yield-bearing digital assets. Unlike Bitcoin, Ethereum’s staking mechanism allows treasury managers to generate passive returns through network validation, a potentially attractive strategy for balance sheet optimization.

According to a company statement in September, BitMine’s board had been evaluating “multi-chain opportunities in decentralized finance.” The recent ETH acquisition appears to operationalize that strategy, combining liquidity flexibility with long-term network exposure.

“BitMine seems to be putting its money where its blockchain is,” said one analyst from Galaxy Research, noting the move aligns with broader institutional adoption trends across the crypto sector.

Institutional Crypto Holdings on the Rise

Ethereum continues to gain traction among corporate treasuries, with data from CoinShares showing institutional ETH products attracting $170 million in inflows in October alone.
While Bitcoin remains the dominant reserve asset, several publicly traded firms, including Marathon Digital and Hut 8 Mining, have begun exploring multi-asset treasury strategies.

A recent Glassnode report found that the number of wallets holding over 10,000 ETH has risen by 8% year-to-date, a sign of increased institutional accumulation. For many firms, Ethereum’s programmable infrastructure offers more flexibility than static Bitcoin holdings.

Analysts View the Move as a Long-Term Bet

Market strategists interpret BitMine’s decision as a long-term bet on Ethereum’s evolving ecosystem. Beyond its value as an asset, Ethereum now underpins DeFi, tokenization, and corporate smart contracts.
“ETH has matured into a productive asset,” said Mark Liu, portfolio manager at Digital Frontier Capital. “For miners and Web3 infrastructure firms, holding Ethereum offers not just exposure but active utility.”

Still, analysts caution that Ethereum’s staking yields, currently near 4% annually, are volatile and subject to validator costs and liquidity risks. Even so, BitMine’s allocation could encourage peer firms to reevaluate their own treasury compositions.

Ethereum Market Reacts to Treasury Expansion

Following the treasury transfers, Ethereum’s price rose 2.8% to around $3,040, briefly outperforming Bitcoin. Derivatives data from Coinglass showed a rise in long positions, suggesting traders expect continued upside momentum.
Spot volumes on Coinbase and Binance increased roughly 12% compared to the prior day, as investors digested the on-chain signals.

The broader market tone remains cautiously optimistic, with total value locked (TVL) in Ethereum-based DeFi platforms approaching $68 billion, according to DefiLlama.

Outlook: Corporate Treasuries Diversify Into DeFi Assets

As digital assets regain institutional credibility, treasury diversification is likely to become a defining theme of 2025. Firms like BitMine may soon explore staking pools, liquidity provisioning, and tokenized bond instruments to manage yield.

Will more miners follow BitMine’s path into Ethereum’s yield economy? The balance between volatility risk and yield potential will likely determine the pace of adoption.

For now, BitMine’s $113 million Ethereum allocation sends a clear message: corporate blockchain strategies are no longer confined to Bitcoin.

Recap

• BitMine adds $113 million in Ethereum to corporate reserves
• Move confirmed by on-chain tracking platforms Arkham and Lookonchain
• Analysts view it as a strategic DeFi-oriented diversification
• Reflects growing institutional confidence in Ethereum as a treasury asset