BitMine Immersion Technologies is aggressively expanding its Ethereum (ETH) holdings, acquiring 566,776 ETH worth over $2.03 billion within just 16 days, according to a company statement released Thursday. The acquisition solidifies BitMine’s position as the leading corporate holder of Ethereum amid a growing treasury arms race.
Tom Lee, chairman of BitMine’s board and managing partner at FundStrat, confirmed the company’s long-term objective: “We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.” This target would require the company to accumulate approximately 6 million ETH, valued at more than $22 billion at current market prices.
Ethereum does not have a fixed supply like Bitcoin. Instead, its circulating supply fluctuates depending on issuance and burning rates, making BitMine’s stake potentially even more significant over time.
Outpacing Competitors in the Treasury Race
With this recent acquisition, BitMine has surpassed SharpLink Gaming, which currently holds around 360,800 ETH (approximately $1.3 billion), as well as the Ethereum Foundation, which owns about 237,500 ETH.
The Strategic Ether Reserves now list BitMine as the largest ETH corporate holder. If BitMine reaches its 5% target, it would control more ETH than Michael Saylor’s Strategy holds in Bitcoin. Saylor’s company currently possesses 607,770 BTC, representing 2.9% of Bitcoin’s fixed 21 million supply.
This highlights a new trend in corporate crypto treasuries, where Ethereum is gaining institutional favor, rivaling Bitcoin as a long-term reserve asset.
Market Reactions and Stock Surge
BitMine’s pivot to Ethereum has had a dramatic effect on its stock (BMNR). After the ETH acquisition announcement, BMNR surged over 3,000%, hitting an all-time high of $135 on July 3.
SharpLink Gaming’s (SBET) share price also soared by 171% to $79.21 after revealing its Ethereum-focused strategy on May 27.
The total Ether held across 61 strategic reserves has now reached 2.31 million ETH, valued at $8.46 billion, representing 1.91% of Ethereum’s total supply. For comparison, data from Bitbo shows over 3.4 million BTC is held by 206 firms, accounting for 16.5% of Bitcoin’s supply and worth more than $408 billion.
As Ethereum continues to attract institutional capital, BitMine’s aggressive accumulation strategy may serve as a signal of growing confidence in ETH’s long-term value proposition.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
