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BitMine Overtakes Strategy as Tom Lee Expands Ethereum Holdings Further

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BitMine pushed the corporate crypto race forward after it spent more on Ethereum than Strategy spent on Bitcoin last week. Arkham‑linked data put BitMine’s weekly ETH purchase at $140.74 million, while Strategy’s weekly Bitcoin buy reached $76.6 million. As a result, the week highlighted stronger balance-sheet demand from institutions across the two largest cryptocurrencies.

BitMine Drives Ethereum Treasury Higher

BitMine accelerated its Ethereum strategy and pushed its treasury closer to another major supply milestone in March. The company said it held 4,660,903 ETH on March 22, valued at about $10.03 billion. That stockpile represented 3.86% of Ethereum’s 120.7 million token supply and kept BitMine ahead in the treasury ranking.

Moreover, BitMine said its combined crypto, cash, and related holdings totaled $11 billion after the latest accumulation round. Those assets included $1.1 billion in cash, 196 Bitcoin, and several equity stakes outside its token reserves. Meanwhile, the company kept Ethereum as its primary treasury reserve asset and its main accumulation target.

BitMine also expanded staking, and that move strengthened its Ethereum exposure beyond simple token accumulation. As of March 23, the company had staked 3,142,643 ETH, worth about $6.5 billion at stated prices. That total equaled roughly 67% of BitMine’s ETH holdings and added another revenue stream from network validation.

Strategy Adds Bitcoin but Trails on Weekly Pace

Strategy still added Bitcoin last week, but its reported pace trailed BitMine’s Ethereum buying by a wide margin. Market reports said the company bought 1,031 BTC for about $76.6 million during the same period. Consequently, BitMine’s weekly purchase exceeded Strategy’s by more than $64 million and led the week’s treasury comparison.

Even so, Strategy remained the largest treasury holder across the public-company crypto market by overall asset size. BitMine’s latest company update valued Strategy’s Bitcoin holdings at about $52 billion, keeping Bitcoin ahead on scale. That position preserved Bitcoin’s lead in corporate reserves, while Ethereum gained ground through BitMine’s faster buildup.

The contrast reflected different treasury timelines, and it highlighted different methods of corporate crypto accumulation. Strategy built its Bitcoin position over the years, whereas BitMine scaled its Ethereum treasury within several recent months. Therefore, Ethereum treasury companies now command more attention in public-market coverage and treasury strategy discussions.

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Institutional Adoption Broadens Across Both Assets

BitMine did not begin as an Ethereum treasury company, and that background adds context to its rapid expansion. The firm operated as a Bitcoin miner before it redirected excess capital into Ethereum reserves and staking activity. By August 2025, it had become the largest publicly disclosed Ethereum treasury, according to market reporting.

Now, BitMine aims to acquire 5% of Ethereum’s supply, and that target frames its current buying campaign. Arkham-linked reporting estimated another $359 million of ETH would take holdings to the 4% threshold. Accordingly, the latest purchase kept BitMine within reach of another symbolic marker in the Ethereum market.

Together, the latest moves showed institutional adoption through direct treasury allocation rather than passive market products. Ethereum gained a sharper corporate benchmark, and Bitcoin kept its established treasury leader in public markets. For now, public companies continue to widen crypto treasury competition across both assets and across balance sheets.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Crypto World

Stablecoins Do Not Threaten Banking Just Yet: Analyst

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Stablecoins Do Not Threaten Banking Just Yet: Analyst

The impact of stablecoins on the banking sector appears “limited” at the current phase of the adoption cycle, but banks could face increasing competition and an erosion of market share as the stablecoin sector and tokenized real-world assets (RWAs) grow in market capitalization. 

“So far, the use of stablecoins remains limited, but their market capitalization exceeded $300 billion at the end of last year,” Abhi Srivastava, associate vice president of Moody’s Investors Service Digital Economy Group, told Cointelegraph.

The stablecoin market cap has surged past $300 billion. Source: RWA.xyz

The role of stablecoins in payments, cross-border commerce and onchain finance is “expanding,” despite their currently limited role, Srivastava said, adding that existing payment systems in the US are already “fast, low-cost and trusted.” He said:

“For the banking sector, at this stage, disruption risk appears limited. In the near term, US rules that prohibit stablecoins from paying yield mean they are unlikely to replace traditional deposits at scale domestically.”

However, over time, growing adoption of stablecoins and tokenized RWAs, traditional or physical financial assets represented on a blockchain by a token, could place “pressure” on the banking sector, leading to deposit outflows and reduced lending capacity, he said.

Stablecoin regulatory policy has become a hot-button issue among crypto industry executives and those in the banking sector, with fears that yield-bearing stablecoins could erode banking market share proving to be a stumbling block for the CLARITY crypto market structure bill in Congress. 

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Related: Stablecoins behave like FX markets as liquidity splits: Eco CEO

CLARITY Act stalled, as banks fight yield-bearing stablecoins

The Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act, is a comprehensive crypto market regulatory framework that establishes an asset taxonomy, regulatory jurisdiction and oversight over the crypto markets.

The CLARITY crypto market structure bill. Source: US Congress

It is now stalled in Congress after a group of crypto industry companies, led by cryptocurrency exchange Coinbase, publicly stated opposition to earlier drafts of the bill.

A lack of legal protections for open-source software developers and a prohibition on yield-bearing stablecoins were among some of the most contentious issues cited by crypto industry opponents of the legislation.

Several attempts have been made by US lawmakers and the White House to negotiate a bill acceptable to both the crypto industry and the bank lobby.

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Earlier this month, North Carolina Senator Thom Tillis said he plans to release an updated draft bill proposal that would be acceptable to both sides; however, the bill has reportedly received pushback, according to Politico, and has yet to be publicly released. 

However, other crypto industry executives and market analysts have warned that if the CLARITY Act fails to pass, it could open the crypto industry up to future regulatory crackdowns by hostile lawmakers and officials.

Magazine: Stablecoins will see explosive growth in 2025 as world embraces asset class