BitMine Expands Treasury With 190,500 ETH Around

Ethereum's Heat This Week

The cryptocurrency market has been buoyed by the recovery of Ethereum, with its price increasing by more than 15% over the past month, reaching a near new ATH of $4,953. Companies such as BitMine, ETHZilla, and SharpLink are taking advantage of this trend to consolidate their positions in the ETH accumulation race. BitMine, which already boasts over 1.52 million ETH, continues its “Alchemy of 5%” strategy of controlling 5% of the global ETH supply. The purchase of 190,500 ETH (worth $900 million at an average price of around $4,723/ETH) brings its total treasury value to over $7.2 billion, cementing its position as the leading ETH holder.

Meanwhile, ETHZilla, a new entrant, purchased an additional 7,562 ETH, worth approximately $35.6 million, marking the beginning of its accumulation strategy. SharpLink, the second largest holding with over 740,760 ETH, announced a new strategy focused on expanding its reserves through equity issuances, with the goal of doubling its ETH holdings over the next 12 months. The main motivation for these companies appears to be staking returns (currently around 6-8% per year) and expectations of Ethereum’s long-term growth, especially as ETH ETFs continue to attract capital.

ETH Treasury Boost Strategy

With 190,500 new ETH, BitMine continues to lead the accumulation race, while ETHZilla and SharpLink show the trend of new entrants and expansion strategies from existing competitors, bringing the total amount of ETH held by institutions to over 2.5 million ETH.

Large volume buys, especially from BitMine, could ease the selling pressure in the market, supporting ETH price to stay above $4,700 and head towards a new ATH if the positive trend continues.

ETHZilla's participation, while smaller in scale, shows growing interest from institutional investors, especially as Ethereum is seen as the leading platform for stablecoins and NFTs.

Following the announcement, shares of BitMine (BMNR) and SharpLink (SBET) rose 3.5% and 2.1% respectively during the trading session on August 25, reflecting investor confidence in the strategy.

Large concentration in the hands of institutions can increase price volatility, affecting market participants with small capital without appropriate risk management strategies.

Evaluation and Conclusion

BitMine's treasury expansion of 190,500 ETH (~$900 million), ETHZilla's additional purchase of 7,562 ETH, and SharpLink's new strategy on August 25, 2025 are clear signs of institutional accumulation in Ethereum. These moves not only solidify ETH's position as a strategic asset but also drive the growth of the DeFi ecosystem and blockchain applications.

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