Corporate demand for Ethereum is entering a new phase as BitMine Immersion Technologies continues to accumulate ETH at a pace that is beginning to resemble the corporate Bitcoin treasury model pioneered by Strategy.

BitMine announced on August 24 that it had purchased another 32,447 ETH over the preceding week, bringing its total Ethereum holdings to 5,847,611 ETH. At the company’s reference price of $2,440 per ETH, the position was worth approximately $14.27 billion. BitMine’s broader portfolio, including cryptocurrency, cash, marketable securities and other investments, reached roughly $14.9 billion.

The latest purchase is particularly notable because it came after a sharp rally in Ether. ETH gained around 30% during the week, its strongest weekly performance since May 2025, according to BitMine. Rather than using the rally as an opportunity to reduce exposure, the company continued adding to its treasury, reinforcing the idea that its strategy is designed around long-term accumulation rather than short-term market timing.

BitMine is now just 187,000 ETH short of its stated goal of owning 5% of Ethereum’s total supply. With Ethereum’s supply at approximately 120.7 million ETH, the company already controls about 4.8% of the network’s supply. BitMine says it is 97% of the way toward what chairman Tom Lee has called the “Alchemy of 5%.”

The scale of the treasury has transformed BitMine into a major force within the emerging corporate Ethereum market. It remains the largest publicly disclosed corporate ETH holder by a wide margin, ahead of SharpLink and other treasury-focused companies. The Block recently put SharpLink’s holdings at roughly 863,000 ETH and the Ether Machine’s at approximately 497,000 ETH.

What makes the Ethereum treasury model different from the traditional Bitcoin strategy, however, is the potential to generate native yield. BitMine had 5,067,309 ETH staked as of August 23, representing around 87% of its total holdings. The company said its current staking operations imply roughly $330 million in annualized revenue, while fully deploying its ETH through MAVAN and staking partners could raise projected annualized rewards to around $381 million at the stated yield assumptions.

That distinction could become important if more publicly traded companies decide to follow BitMine. A Bitcoin treasury primarily offers exposure to the asset’s price appreciation. An Ethereum treasury can potentially combine price exposure with staking rewards, creating a framework in which the underlying reserve asset is also used as a productive balance-sheet asset.

The comparison with Strategy is therefore becoming increasingly difficult to ignore. Strategy built its corporate identity around systematically acquiring Bitcoin and using capital markets to increase its BTC exposure. BitMine is attempting a similar model with Ethereum, while adding staking and broader Ethereum ecosystem exposure to the equation.

Other companies are already testing variations of the strategy. SharpLink has positioned ETH as its primary treasury reserve asset and held 888,938 ETH as of August 3, while actively using staking and other yield-generating strategies. The growing number of publicly traded companies building substantial ETH positions suggests that BitMine may not remain an isolated experiment.

There is also an important market implication. Corporate treasury companies effectively create another source of demand for ETH, particularly when they continue buying through periods of strength. If more firms begin allocating capital to Ethereum in the same way corporations have accumulated Bitcoin, the resulting demand could become a meaningful structural factor in the market.

For now, BitMine remains the clear leader. Its latest acquisition was worth roughly $79 million using the company’s reference price, and it followed another 9,926 ETH purchase disclosed just one week earlier. The company has accumulated ETH every week since launching its Ethereum treasury strategy in June 2025, according to its chairman.

The next milestone is straightforward: 5% ownership. But the larger question is whether BitMine’s strategy can become a template for corporate Ethereum adoption.

If other companies begin treating ETH not simply as a speculative asset but as a treasury reserve that can appreciate and generate staking income, Ethereum could develop a corporate accumulation cycle of its own. BitMine’s latest purchase suggests that cycle may already be underway.