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Recently, there has been an interesting phenomenon. Bitmine's activities on ETH are becoming more aggressive, and their holdings have already clearly surpassed those of the Ethereum Foundation.
According to the latest data, the BMNR fund under Bitmine currently holds 4.11 million ETH, which is roughly equivalent to 41.1 million ETH units, with a market value of about $13.2 billion. This scale is indeed significant.
In contrast, on the Ethereum Foundation's side, according to the Q3 2025 report, combined with the balances of known wallets, they hold approximately 1.82 million ETH, with a total vault value of about $974.4 million. Major crypto assets like ETH, stETH, and a small amount of BTC account for 88% of the holdings.
From a numerical comparison, Bitmine's holdings are already more than 20 times that of the foundation. This change is quite noteworthy and reflects different strategies among market participants in Ethereum asset allocation.