BitMine Immersion Technologies, a publicly traded Bitcoin mining firm, has rapidly expanded its Ethereum holdings, acquiring 373,000 ETH in the last week alone. This brings BitMine’s total Ether treasury to 1.52 million tokens, valued at approximately $6.6 billion at the current ETH price of $4,371.
Despite the aggressive accumulation strategy, BitMine shares have dropped 14.2% since August 11, reflecting investor concern over using capital for crypto holdings rather than traditional corporate investments.
BitMine accelerates Ether accumulation while stock declines
Chairman Thomas Lee stated that BitMine’s increased Ethereum holdings are driven by growing institutional investor demand. The company is pursuing what it calls the “alchemy of 5%,” aiming to acquire 5% of Ethereum’s circulating supply. This approach positions BitMine as the largest corporate holder of Ether, controlling roughly 1.3% of total ETH.
SharpLink Gaming follows as the second-largest corporate ETH holder, with 729,000 ETH valued at $3.2 billion, while The Ether Machine ranks third with 345,000 ETH (~$1.5 billion). Over the past two months, both BitMine and SharpLink have been racing to expand their treasuries, with BitMine planning a $24.5 billion at-the-market stock sale to fund further Ether purchases. SharpLink recently completed a $389 million capital raise for the same purpose.
Source: Google Finance
ETH market momentum and institutional adoption
Ethereum’s resurgence is supported by multiple factors:
- Ether ETFs saw $17 billion in trading volume last week, reflecting growing institutional interest.
- Standard Chartered raised its 2025 ETH price target from $4,000 to $7,500, citing institutional accumulation and stablecoin adoption under clearer US regulations.
- Ethereum’s Pectra upgrade on May 7 improved validator capabilities, layer-2 throughput, and user experience, contributing to a 139% rise in ETH spot price from $1,812 to $4,332.
The combination of treasury accumulation, ETF inflows, and protocol upgrades indicates Ethereum is increasingly seen as a foundational asset for institutional strategies, Wall Street adoption, and AI-driven token economy development.
BitMine’s strategy underscores the growing trend of corporate ETH treasuries as both a store of value and a strategic investment vehicle, even if short-term stock performance reacts negatively.