Bitmine, the treasury firm chaired by Fundstrat's Tom Lee, has expanded its Ethereum holdings with an additional $70 million worth of ETH, according to an onchain analyst tracking the company's wallets. The firm's most recent disclosure shows it now holds 5.74 million ETH, equivalent to roughly 4.8% of Ethereum's circulating supply. The accumulation reflects a broader strategy among corporate treasuries to build large positions in major cryptocurrencies, following the model popularized by Bitcoin-focused firms. Bitmine's growing stake makes it one of the largest known institutional holders of Ether, giving it significant exposure to the asset's price movements. The disclosure highlights the increasing role of publicly traded companies in concentrating ownership of digital assets, a trend that has drawn attention from investors and analysts monitoring supply dynamics across the Ethereum network.
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