Crypto
Ethereum Treasury Battle: Bitmine Pushes Ahead as Rivals Retreat
Ethereum treasury strategies are splitting apart as Bitmine doubles down while other companies sell, exit or redirect capital elsewhere.
4h ago 4,280
BLOCKINSIDERLoadingEthereum treasury strategies are splitting apart as Bitmine doubles down while other companies sell, exit or redirect capital elsewhere.
While Bitcoin has Strategy, Ethereum has Bitmine as one of its biggest propagators, which continues to build towards its goal even amid a bearish market.
The confidence Bitmine has in ETH is unmatched, considering that another company attempting a similar approach gave up mid-week.
FG Nexus's exit marks one of the more dramatic reversals in the ETH treasury trend. The Nasdaq-listed company sold all of its ETH for $74 million before June 30, formally ending its Ethereum treasury strategy less than a year after launching it.
Its ETH holdings peaked above 50,770 ETH in September 2025 before the firm began unwinding the position, and by the end of Q2 2026, it held no cryptocurrency. The company disclosed the completed exit in an August 12 filing, which reclassified the entire digital asset business as discontinued operations.
The financial toll was steep. FG Nexus reported a $45.207 million loss from its discontinued digital asset operations for the first half of 2026, made up of a $41.167 million loss on ETH holdings, a $2.793 million impairment on digital intangible assets, and $1.789 million in general and administrative expenses.
Bitmine, on the other hand, is inches away from its goal of “Alchemy of 5%,” i.e., owning 5% of the entire ETH circulating supply. Having amassed over 5.81 million ETH, Bitmine has completed 96% of its vision.
The stock, BMNR, has also been tracking the ETH price very closely, albeit performing better than the crypto token. BMNR is down 34% since the beginning of the year, while ETH itself is down 36%. Bitmine’s best shot at seeing a surge in the NAV of their treasury is when the ETH price sees a rise as well.
One of the biggest problems with these ETH treasuries is the mNAV Compression. Such instances are observed when a treasury company's stock ends up trading at or below the net asset value of the crypto it holds. This means that the market values the company at less than what its ETH is actually worth.
The impact of the same was observed in the sales observed at the hands of ETHZilla and Quantum Solutions. Last December, the former had to sell 24,291 ETH for about $74.5 million as part of an early redemption of its senior secured convertible notes.
More recently, Quantum Solutions sold 1,904 ETH since mid-June, about 29% of its prior holdings, to fund AI data center buildouts. About 1,000 ETH of the same were sold at $1,903, which is less than 50% of the $4,000 value they were purchased at.
Nevertheless, in the crypto space, determination plays an important role as well. Seeing the bear market as an opportunity, the likes of SharpLink Gaming, Bit Digitak, and The Ether Machine are all building their ETH treasury quietly. SharpLink specifically added 2,057 ETH despite posting a $394.3 million Q2 net loss.
Talking about institutions brings the ETH value debate to its next stop, the ETFs. Spot Ethereum ETF inflows have seen a sharp recovery alongside Bitcoin.
The ETFs have raked in $244 million in a week, marking the highest positive flows in 4 months. Inflows will play a key role in ETH price recovery, and the confidence exhibited by investors is reassuring.
As for ETH price, the altcoin king is currently trading at $1,875, consolidating in a tight range between the 50% Fib level at $1,864 and the 38.2% level of $1,883 after rebounding sharply off the $1,818–1,845 support zone in early August.
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