BitMine Immersion Technologies has 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 a notable expansion of its crypto holdings.
Coinbase Grows Its ETH Holdings
One detail that drew significant investor attention was the substantial increase in Coinbase’s 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.
This represents a 9% increase from the previous quarter and a 28.5% rise compared to Q4 2024, when the exchange held about 115,700 ETH.
Meanwhile, Coinbase also increased its Bitcoin holdings to 14,548 as of September 30, 2025, up 111% from the 6,885 BTC reported in Q4 2024.
BitMine Makes Case for Ethereum’s 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 BitMine’s view, Coinbase is holding Ethereum as part of its corporate treasury, rather than a speculative token.
BitMine further suggested that Coinbase’s 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
BitMine’s 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 Ethereum’s 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 Ethereum’s total supply.
Meanwhile, Lookonchain reports that the firm recently purchased an additional 44,036 ETH during the latest market downturn. The acquisition, sourced from BitGo and Kraken, was transferred to two newly created wallets earlier today.