Treasury purchases push Ethereum toward all-time high as BitMine holdings surpass 1 million ETH

Ethereum (ETH) edged closer to its all-time high on Monday, rising above $4,300 following another round of fresh buying pressure from corporate entities focused on accumulating the top altcoin as their primary treasury asset.

BitMine ETH holdings near $5 billion, SharpLink boosts dry powder to $900 million

Ethereum treasury companies continued their buying spree last week, with plans already in motion to double down on their efforts as the new week unfolds.

Crypto mining firm BitMine Immersion (BMNR) led the charge, growing its stash by over $2 billion to 1,15 million ETH worth nearly $5 billion as of August 10, according to a press release on Monday. This represents an increase of over 70% from the $2.9 billion worth of ETH it reported last week.

The company's latest holdings cement its lead as the largest corporate ETH treasury vehicle. BitMine has now covered 20% of its goal of acquiring 5% of ETH's total supply, one month after launching its treasury.

Nasdaq-listed Fundamental Global (FG Nexus) also joined in the action, deploying proceeds from a recent $200 million private placement to boost its treasury balance to 47,331 ETH. The company aims to create value for shareholders by staking and restaking its ETH holdings.

"We plan to become a significant player in the Ethereum network with a goal of a 10% stake in ETH," said FG Nexus CEO of Digital Assets Maja Vujinovic, in a Monday statement.

Fundamental Global's latest ETH purchase comes after it filed a $5 billion shelf offering with the Securities and Exchange Commission (SEC) last week, targeted at boosting its acquisition of the altcoin.

Meanwhile, SharpLink Gaming, which ranks as the second-largest corporate ETH treasury behind BitMine, announced on Monday another equity purchase agreement with investors worth $400 million. The company earlier raised $200 million via a separate agreement last week, boosting its potential dry powder for ETH acquisition to $900 million.

"Combined with current Ether holdings of approximately 598,800 ETH as of Sunday, August 10, 2025, and approximately $200 million in ATM proceeds yet to be deployed, the Company's ETH holdings are expected to exceed $3 billion in value," SharpLink wrote in a statement.

Following the sustained buying activity from corporate entities, ETH climbed above $4,300 on Monday, nearing its all-time high of $4,868. This marks its highest price since December 2021. Since Ethereum treasury firms gained popularity in early June, they have acquired about 2.4 million ETH, sparking over a 60% surge in the top altcoin during the period.

BitMine's chairman and Fundstrat's CIO, Thomas Lee, stated in an interview with CNBC last week that "Ethereum is having its 2017 moment again," following regulatory progress around its ecosystem. Lee highlighted how Bitcoin has rallied over 120x since Wall Street discovered its "digital gold" narrative, implying ETH could follow the same trajectory with a rally to $30,000.