BitMine Immersion Applied sciences has highlighted Coinbase’s acquisition of Ethereum in Q3 2025 as proof that ETH is a retailer of worth.
Yesterday, Coinbase launched its Q3 2025 earnings report, highlighting each robust monetary efficiency and a notable growth of its crypto holdings.
Coinbase Grows Its ETH Holdings
One element that drew vital investor consideration was the substantial improve in Coinbase’s Ethereum reserves. Notably, Coinbase amassed about 12,000 ETH within the third quarter, rising its whole Ethereum holdings to 148,715 ETH as of September 30, 2025.
BitMine Makes Case for Ethereum’s Retailer of Worth Narrative
Following the acquisition, BitMine, by its official X account, identified that Ethereum serves as a treasury asset for Coinbase. In BitMine’s view, Coinbase is holding Ethereum as a part of its company treasury, fairly than a speculative token.
BitMine additional recommended that Coinbase’s constant quarterly accumulation of ETH strengthens the view that Ethereum features as a store-of-value asset.
Whereas this designation has historically been reserved for Bitcoin, BitMine, and different business observers have lengthy argued that Ethereum additionally matches this class, given its rising institutional adoption and long-term holding patterns.
ETH is a treasury asset for $COIN @coinbase
Trace; additional proof ethereum is a retailer of worth https://t.co/lkJlzVo4Cj
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 31, 2025
BitMine’s ETH Acquisition
Curiously, BitMine can be buying Ethereum. The corporate has been buying substantial quantities of ETH on a near-weekly foundation utilizing proceeds from its fairness choices. It goals to amass round 5% of Ethereum’s provide.
Knowledge from Arkham Intelligence signifies that BitMine presently holds roughly 3.16 million ETH (value $12.13 billion) in one in every of its wallets. This accounts for two.61% of Ethereum’s whole provide.
Bitmine Ethereum holding
In the meantime, Lookonchain stories that the agency lately bought an extra 44,036 ETH in the course of the newest market downturn. The acquisition, sourced from BitGo and Kraken, was transferred to 2 newly created wallets earlier at present.
