Bitmine, the publicly traded cryptocurrency mining and treasury management firm, has disclosed it holds 5.78 million Ethereum tokens, currently valued at approximately $11.5 billion (£8.9 billion). The revelation, made in a regulatory filing on Monday, makes Bitmine one of the largest corporate holders of the second-largest cryptocurrency by market capitalisation.
The news buoyed sentiment across digital asset markets and related equities. In London, shares of Riot Blockchain UK climbed 4.2% to 1,245p, while Argo Digital Assets added 3.8% to 89p. The FTSE 100 edged up 0.3% to 8,312 points, though the broader FTSE 250 slipped 0.1% to 20,445 as investors weighed the impact of persistent inflation data due later this week.
Ethereum itself traded at $1,990 at midday, up 2.1% on the day. Analysts at Peel Hunt described the disclosure as 'a significant vote of confidence in Ethereum's network and its transition to proof-of-stake,' adding that it could encourage other corporate treasurers to allocate capital to digital assets. However, they cautioned that volatility remains elevated, with Ethereum still down around 30% from its 2025 peak.
The announcement comes amid a broader regulatory review of crypto asset disclosures by the Financial Conduct Authority. UK pension funds and institutional investors have been increasingly cautious about direct crypto exposure, though some have begun allocating small percentages to blockchain-focused funds. For UK retail investors holding crypto through exchange-traded products or mining stocks, the Bitmine disclosure may provide reassurance about the long-term viability of Ethereum as a store of value.
Bitmine did not disclose whether it plans to increase or reduce its position. The company's CEO stated in the filing that the holdings are 'part of a strategic treasury diversification strategy' and that no sales are currently planned. Market participants will watch for any subsequent filings from other major corporate holders that could signal a broader trend.