Ethereum
|4 min ReadBitmine adds $69M in ETH as corporate treasuries race
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Bitmine is buying with conviction. The crypto firm led by Wall Street veteran Tom Lee added another 69 million in ETH, lifting its stack to roughly 1.95 million ETH worth 8.66 billion, per Arkham data. The trade ran through Galaxy Digital’s OTC desk. Quiet execution, strong intent. That is how institutions do it.
On-chain records showed a rapid series of settlements between Galaxy Digital and Bitmine in recent hours: 3,247 ETH for 14.55 million, 3,258 ETH for 14.6 million, 4,494 ETH for 20.06 million, and 4,428 ETH for 19.77 million. Total, 15,427 ETH in under an hour. Structured timing points to coordinated OTC flows designed to avoid shaking the open market. Tremendous discipline.
Bitmine nears 2 percent of Ethereum’s supply
This is not a one-off. On September 11, Bitmine received 46,255 ETH worth 201 million from a BitGo wallet across three addresses. On September 4, it acquired 80,325 ETH valued at 358 million from Galaxy Digital and FalconX. The firm’s portfolio is almost entirely ETH, with only minor MKR and a few small experimental tokens by comparison.
These buys pushed Bitmine’s stash well above 2 million ETH in circulation, about 1.8 percent of total supply. According to treasury reserve data, corporates and institutions now hold about 4.99 million ETH worth 22.2 billion, or 4.13 percent of circulating supply. Bitmine leads with 2.15 million ETH valued at 9.59 billion at peak pricing, followed by SharpLink Gaming with 838,000 ETH 3.74 billion) and The Ether Machine with 495,000 ETH ((2.2 billion). For context, the Ethereum Foundation holds roughly 225,000 ETH, and Coinbase’s treasury sits at 136,800 ETH.
The playbook echoes Michael Saylor’s corporate bitcoin accumulation. Bitmine is building a multi-billion-dollar ETH balance sheet as a long-term reserve. Price is soft near-term. ETH trades around $4,465, down 2.8 percent on the day and 4.2 percent on the week. Positioning is what matters for big treasuries. Everybody knows it.
SPACs and buybacks reshape the ETH treasury field
The Ether Machine is moving toward the public markets. On September 17, it filed a draft registration with the SEC to go public via a merger with Nasdaq-listed SPAC Dynamix Corporation. The deal was first announced in July and is expected to close in the fourth quarter pending shareholder approval. The firm has built 495,362 ETH after adding 150,000 ETH in August.
SharpLink Gaming is leaning into buybacks. It repurchased 1 million shares at an average 16.67 as part of an ongoing program and has now bought back nearly 1.94 million shares since late August, saying the stock is undervalued. It reported a net asset value of 3.86 billion, or $18.55 per share, with no debt.
Analysts at Standard Chartered say Ethereum looks like the key beneficiary of the digital asset treasury boom. Geoffrey Kendrick argues ETH-focused treasuries are better positioned than Bitcoin and Solana peers because Ethereum and Solana generate staking yield. Yield supports higher valuations and long-term sustainability.
Since June, Ethereum treasuries have accumulated about 3.1 percent of circulating ETH. Valuations across many digital asset treasuries are under pressure, and consolidation is likely. Yet the momentum is clear. ETH-first balance sheets are growing, and Bitmine is setting the pace.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.