BitMine began its Ethereum treasury strategy a little over a year ago. Today, a single public company already owns 5.815 million ETH, equivalent to approximately 4.8% of the asset’s total supply.
Its stated goal is to reach 5%.
That means the company is close to owning roughly one out of every twenty ETH in existence. More than 5 million of those tokens are already being staked.
The numbers are large enough to change the scale of corporate Ethereum treasuries.
When companies first began adding Bitcoin and later ETH to their balance sheets, the story was primarily about institutional demand. Public companies were creating a new way for investors to gain exposure to digital assets while removing some of the available supply from the market.
BitMine takes that logic to another level.
The question is no longer simply how much Ethereum a company can buy.
It is what a company can do once it accumulates a significant share of the supply of an asset that also participates directly in the economics and security of its own blockchain.
BitMine Has Grown Faster Than the Category Itself
The current scale becomes clearer when compared with how recently this market emerged.
In July 2025, all corporate Ethereum treasuries identified by Reuters collectively held roughly 966,000 ETH. At the end of 2024, the total was below 116,000 ETH.
BitMine alone now owns approximately six times that amount.
The speed of accumulation is equally striking.
In February, the company held about 4.42 million ETH, equivalent to 3.66% of the supply. Six months later, its position had increased to 5.815 million.
The gap with other Ethereum treasuries has also become enormous.
SharpLink, one of the companies that helped popularize the Ethereum treasury strategy, reported holdings of approximately 889,000 ETH in early August. BitMine’s position is already more than six times larger.
That difference matters because the company is beginning to move beyond simply participating in a trend.
It is testing how far that trend can go.
Ethereum Changes What a Treasury Can Do With Its Asset
The first major corporate crypto treasuries were built primarily around Bitcoin.
The logic was to accumulate a scarce asset, hold it on the balance sheet and use capital markets to progressively increase the position.
Ethereum adds another variable.
ETH can be staked and participate directly in the mechanism that secures the network, earning rewards in return.
BitMine has already placed more than 5 million ETH into staking, roughly 87% of its entire position.
That changes the economics of the treasury.
The asset does not simply remain on the balance sheet waiting for appreciation. A significant portion can generate yield within the protocol itself.
In February, when BitMine had approximately 3 million ETH staked, the company estimated annualized revenue of roughly $171 million from that activity. The amount allocated to staking has increased substantially since then.
SharpLink is using the same logic. In the first half of the year, the company recorded $18.7 million in revenue from native staking rewards.
That characteristic creates an important distinction from the model popularized by Strategy.
A Bitcoin treasury can build different financial structures around its reserves, but BTC held on the balance sheet does not generate native yield.
ETH can.
Accumulating Ethereum and operating an Ethereum treasury are therefore beginning to become two different activities.
Owning ETH and Controlling Ethereum Are Not the Same Thing
BitMine’s scale requires an important distinction.
Owning a significant share of the ETH supply does not translate into an equivalent share of control over Ethereum.
Consensus depends on the ETH actually being staked and on how that stake is operated. The network has a broad structure of validators, clients and operators, and the relationship between asset ownership and control over the blockchain is not direct.
BitMine’s holdings should therefore not be interpreted as equivalent control over the network.
But the size of the position is not irrelevant either.
Ethereum is a proof-of-stake network. ETH is not merely an asset traded around it; it is also the economic resource used to participate in validating the blockchain.
When a company accumulates millions of ETH and stakes most of that position, its treasury begins participating in an economic layer that does not exist in the same form for Bitcoin treasury companies.
BitMine is also developing its own staking infrastructure, known as MAVAN, while continuing to use external partners.
That adds a second dimension to the strategy.
The company is not simply trying to increase the amount of ETH it owns.
It is trying to build an operation around that position.
The Treasury Is Starting to Become a Business of Its Own
That evolution also changes how these companies need to be evaluated.
For a traditional treasury, the central questions are how much of an asset the company owns and what those holdings are worth.
An Ethereum treasury introduces additional variables.
How much ETH is being staked. How much yield the position generates. What cost of capital is being used to acquire additional tokens. How much shareholders are diluted to finance expansion. And how much ETH per share the company can accumulate over time.
The treasury stops functioning merely as a reserve.
It begins to take on the characteristics of a financial operation of its own.
That is where BitMine’s scale becomes more interesting than the percentage alone.
Strategy demonstrated that a public company could turn access to capital markets into a machine for accumulating Bitcoin.
BitMine is testing a different version of that model.
It uses capital markets to accumulate ETH, stakes most of those holdings and turns the asset itself into an additional source of revenue.
That does not necessarily make the model better. The company remains exposed to Ethereum’s price, staking yields, its cost of capital and the potential dilution of shareholders.
But it demonstrates that the Ethereum version of the corporate treasury can evolve into something different from simply holding crypto on a balance sheet.
A little over a year ago, owning a few hundred thousand ETH was enough to place a company among the largest corporate treasuries in the sector.
Now a single public company is approaching a share of the supply that would once have seemed improbable.
And at the same time, it is putting most of that position to work inside Ethereum’s own economy.
The new scale of Ethereum treasuries, then, is not only about how much ETH companies can accumulate. It is about the size of the financial operation they can build around those assets.