- BitMine Immersion holds 163,142 ETH, doubling its $250M raise in a bold treasury strategy.
- BTCS boosts ETH holdings by 221% to 29,122 ETH through DeFi and capital market activity.
- Over 1.5M ETH now held by DAOs and firms is reshaping Ethereum’s role in corporate finance.
BitMine Immersion Technologies (NYSE: BMNR) has acquired over 163,000 ETH, now valued at nearly $500 million. This marks a sharp pivot in the firm’s strategy, following a $250 million private placement completed just days prior. According to data from DefiLlama, the company’s stash of ETH is among the largest of any publicly traded firm.
The firm announced its ETH accumulation on Monday, revealing a treasury strategy that mirrors Strategy’s high-profile Bitcoin accumulation. The stock rose 15% after the announcement, while ether traded near $3,066. The Nevada-based company emphasized that this asset-light approach would enhance ETH held per share and support Ethereum’s decentralization by pulling more tokens out of circulation.
Tom Lee, Fundstrat founder and BitMine chairman, described the ETH buildup as a move with long-term financial signaling power. He compared it to a “Wall Street put,” suggesting firms holding large ETH reserves could benefit if institutional demand accelerates, much like how Strategy’s Bitcoin position became a benchmark for sovereign crypto exposure.
Ethereum Treasuries Reshape Corporate Strategy
BitMine is following a growing trend among public blockchain companies that are rethinking ways to handle capital. Instead of keeping raised funds in cash, BitMine converts them directly into ETH. This makes Ethereum a key part of its balance sheet. The company hasn’t shared any specific plans but hinted that it may continue using capital raises to buy more ETH.
The announcement comes amid increased volatility in BitMine’s stock. Shares surged 40% after the ETH disclosure but retraced most gains by day’s end, settling near $41.02. Despite this, BitMine’s stock remains up over 700% in the past month, though it has also faced sharp drops, including a 65% plunge after a $2 billion at-the-market offering.
The company’s approach signals how Ethereum is becoming more than a development platform. As the tokenization trend continues to grow in financial markets, treasury models are increasingly aware of ETH’s potential as a store of value and an income-generating asset via staking.
BTCS Expands ETH Holdings via DeFi-TradFi Hybrid Strategy
On the other hand, BTCS Inc. (NASDAQ: BTCS) has grown its Ethereum to 29,122 ETH, an increment of 221% compared to the end of 2024. As of July 11, 2025, the company had combined crypto and cash assets totaling $96.3 million. As of press time, the price of Ethereum stands at approximately $3,000 per token, BTCS’ treasury in ETH is worth $87.3 million.
The company has accumulated a total of $62.4 million to date through a combination of at-the-market equity sales, convertible debt, and DeFi loans. This amount of capital was composed of $15.5 million in Aave stablecoin loans, which highlighted the firm’s DeFi engagement. BTCS has a 40% Net Asset Value leverage cap, maintaining a current debt-to-assets ratio of 24%.
The company has also invested a substantial portion of its ETH holdings in income-generating structures. This comprises 4,160 ETH staked by Rocket Pool, 6,300 ETH staked on solo nodes, and 14,280 ETH posted on Aave as collateral. The remaining 4,382 ETH are in the staking queue.
Source: BTCS
CEO Charles Allen noted the company’s vertically integrated operations and financial model, saying BTCS is building the most leveraged Ethereum play in public markets. Its Builder+ platform maximizes gas fee revenues from block building while ChainQ, its AI-powered data engine, supports validator operations across Ethereum and other proof-of-stake networks.
Related: Cathie Wood Supports ETH Upgrade; Traders Push Back Hard
Market Reactions and Capital Outlook
BitMine and BTCS’s move is part of an emerging trend that has seen crypto-native companies redefine treasury strategy. By acquiring ETH, these companies are establishing a position as infrastructure providers and financial players managing digital assets for growth and credibility.
The model is similar to the initial steps taken by Strategy with Bitcoin, where its stock subsequently grew in value by using BTC as a core asset. The current 163,142 ETH held by BitMine makes it second only to Ethereum Foundation and SharpLink among the list of on-chain ETH holders. BTCS follows a strategic, smarter, and smaller holder to use DeFi and traditional finance to increase exposure.
The treasury transition to Ethereum positions the capital strategy of public crypto-companies as a turning point towards ecosystem trust. Over 1.5 million ETH currently belong to DAOs and publicly traded companies, indicating increased interest in Ethereum as a strategic asset. Making this shift transforms how companies manage capital and create long-term value.
