Ethereum Becomes the Secret Weapon of Corporations: BitMine Accumulates 2.83 Million ETH

While MicroStrategy accumulates Bitcoin as a cash reserve, another trend is emerging: corporations are rushing to Ethereum. BitMine Immersion Technologies has accumulated 2.83 million ETH ( around 13 billion dollars ) since October 2025, becoming the largest Ethereum reserve in the world and the second-largest global crypto reserve.

Why Ethereum instead of Bitcoin?

This is THE question everyone is asking. Unlike Bitcoin, seen as a store of value, Ethereum offers something juicier: yield generation. By staking its 2.83 million ETH, BitMine pockets between 3-5% annual return. It's direct passive income, without having to sell.

This approach transforms Ethereum from a simple asset into a source of continuous revenue stream. And with the pivot towards Proof-of-Stake, the story becomes even more attractive: less electricity consumption, more passivity for hodlers.

The impact on the market: concentration and concerns

But beware, this strategy raises serious questions:

Problem 1: Decentralization Ethereum was built on the idea of decentralization. Yet, a single entity controlling ~5% of the total supply? That's not exactly the spirit of the thing. Some critics, notably Kerrisdale Capital, are crying out about rampant centralization.

Problem 2: Liquidity When BitMine accumulates massively, liquidity decreases. Small traders and investors suffer. During the dip in October 2025, BitMine purchased 128,718 ETH for 480 million dollars. This ability to absorb crashes stabilizes the price (cool for the market) but concentrates power (not cool for decentral).

Problem 3: The risk of manipulation If BitMine decided to sell massively tomorrow, the market would crack. No single actor should have this power.

How does it really work?

BitMine does not buy randomly. The strategy is calculated:

• Tactical Accumulation: buy during dips ( like in October )
• Active Staking: running validator nodes to generate yields
• Liquidity participation: engaging funds in protocols to maximize yields

Result? A business model that literally pays for holding the asset.

The game-changing institutional support

ARK Invest, Founders Fund, Galaxy Digital… the big institutional names validate this approach. This means that Ethereum as a corporate treasury is no longer an eccentricity - it is a mainstream strategy.

But even with this support, the crypto community remains divided. Purists denounce the emergence of a new class of super-holders. Pragmatists see it as the institutionalization of crypto.

And the risks?

Regulatory risk: Governments may tighten rules on massive crypto holdings.

Concentration risk: If BitMine continues, other corporations will follow. We could end up with 10-15 entities controlling 50% of Ethereum.

Systemic risk: Ethereum has become infrastructure (DeFi, staking, data oracle). If something goes wrong with this concentration, the entire ecosystem suffers.

Conclusion: Ethereum between innovation and centralization

BitMine has transformed Ethereum from a mere speculative asset into a cash-flow machine. This is brilliant from a financial perspective. However, it is also a symptom of a worrying trend: the increasing concentration of power in the hands of a few entities.

The real debate? How can Ethereum remain decentralized if corporations adopt it en masse? For now, it's 2-0 for BitMine. But the game is not over.