BitMine Immersion Technologies highlighted Coinbase's acquisition of Ethereum in Q3 2025 as proof that ETH is a store of value.
Yesterday, Coinbase released its Q3 2025 earnings report, highlighting both strong financial performance and significant growth in its crypto holdings.
Coinbase expands ETH holdings
One of the details that caught the attention of investors was the large increase in Coinbase's Ethereum reserves. Notably, Coinbase accumulated approximately 12,000 ETH in the third quarter, increasing its total Ethereum holdings to 148,715 ETH as of September 30, 2025.
BitMine claims Ethereum’s store of value story
After the acquisition, Bitmine pointed out through its official X account that Ethereum serves as a financial asset for Coinbase. In BitMine's view, Coinbase does not hold Ethereum as a speculative token, but as part of its treasury.
BitMine further suggested that Coinbase's consistent quarterly ETH accumulation strengthens the view that Ethereum acts as a store of value asset.
While this designation has traditionally been limited to Bitcoin, Bitcoin and other industry observers have long argued that Ethereum also fits into this category, given its increasing institutional adoption and long-term holding patterns.
ETH is a financial asset of $COIN @coinbase
Hint; More proof that Ethereum is a store of value https://t.co/lkJlzVo4Cj
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 31, 2025
BitMine ETH acquisition
Interestingly, BitMine has also acquired Ethereum. The company uses the proceeds from the stock issuance to purchase significant amounts of ETH on an almost weekly basis. It aims to capture approximately 5% of Ethereum's supply.
According to data from Arkham Intelligence, BitMine currently holds approximately 3.16 million ETH (worth $12.13 billion) in one of its wallets. This represents 2.61% of Ethereum's total supply.
Bitmine Ethereum holdings
Meanwhile, Lookonchain reports that the company purchased an additional 44,036 ETH during the recent market downturn. The acquisition, which was raised from BitGo and Kraken, was transferred to two newly created wallets earlier today.
