BitMine Says Coinbases Ethereum Acquisition Proves ETH Is a Store of Value

BitMine Immersion Technologies has highlighted Coinbases 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 a notable expansion of its crypto holdings.

Coinbase Grows Its ETH Holdings

One detail that drew significant investor attention was the substantial increase in Coinbases Ethereum reserves. Notably, Coinbase amassed about 12,000 ETH in the third quarter, growing its total Ethereum holdings to 148,715 ETH as of September 30, 2025.

BitMine Makes Case for Ethereums Store of Value Narrative

Following the acquisition, BitMine, through its official X account, pointed out that Ethereum serves as a treasury asset for Coinbase. In BitMines view, Coinbase is holding Ethereum as part of its corporate treasury, rather than a speculative token.

BitMine further suggested that Coinbases consistent quarterly accumulation of ETH strengthens the view that Ethereum functions as a store-of-value asset.

While this designation has traditionally been reserved for Bitcoin, BitMine, and other industry observers have long argued that Ethereum also fits this category, given its growing institutional adoption and long-term holding patterns.

ETH is a treasury asset for $COIN @coinbase

Hint; further evidence ethereum is a store of value https://t.co/lkJlzVo4Cj

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 31, 2025

BitMines ETH Acquisition

Interestingly, BitMine is also acquiring Ethereum. The company has been purchasing substantial amounts of ETH on a near-weekly basis using proceeds from its equity offerings. It aims to acquire around 5% of Ethereums supply.

Data from Arkham Intelligence indicates that BitMine currently holds approximately 3.16 million ETH (worth $12.13 billion) in one of its wallets. This accounts for 2.61% of Ethereums total supply.