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BitMine acquires $2 billion in ether amid strategic treasury arms race

Posted byRita DfouniRita Dfouni
Minutes read 2 minutes
BitMine amasses more than $2 billion in ETH within 16 days as competition over crypto treasuries intensifies.

Source: AI Generated

NEWS IN BRIEF
  • BitMine bought $2.03B worth of ETH in just 16 days.
  • Goal: Stake 5% of all ETH (6 million coins).
  • BMNR stock surged 3,000% following announcement.

BitMine Immersion Technologies has officially taken the lead in the Ethereum treasury battle, accumulating 566,776 ETH—valued at over $2.03 billion—in just 16 days. The purchase was confirmed in a Thursday statement, making BitMine the largest Ether-holding firm among a wave of new corporate buyers.

Chairman Tom Lee tweeted that the company’s long-term ambition is to acquire and stake 5% of Ethereum’s total supply, which equates to approximately 6 million ETH—worth over $22 billion at current market prices. This would place BitMine well above MicroStrategy’s 2.9% share of Bitcoin’s fixed 21 million coin supply.

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Unlike Bitcoin, Ether has no hard cap. Its supply is subject to issuance and burn rates, making its long-term supply deflationary in some cases.

BitMine leads strategic ETH holdings as institutional interest grows

BitMine currently tops the Strategic Ether Reserves list, ahead of SharpLink Gaming (holding 360,807 ETH) and the Ethereum Foundation (237,500 ETH). The aggressive accumulation from these firms signals rising institutional confidence in Ethereum as a long-term treasury asset.

SharpLink Gaming recently reported a purchase of 79,949 ETH, boosting its total holdings to over $1.3 billion. The broader trend mirrors a shift in institutional focus—from Bitcoin dominance to Ethereum adoption.If BitMine reaches its 5% ETH supply target, it would hold more than double the proportion of Ether compared to what Michael Saylor’s firm holds in Bitcoin.

Investor sentiment has responded strongly to these Ether acquisitions. BitMine’s stock (BMNR) surged over 3,000% to an all-time high of $135 following its treasury announcement on July 3. SharpLink Gaming’s (SBET) stock spiked 171% to $79.21 after revealing its Ether pivot on May 27.According to Strategic Ether Reserves, 2.31 million ETH—worth roughly $8.46 billion—is now held across 61 strategic entities, representing 1.91% of Ether’s total supply. In comparison, Bitbo data shows that 206 firms collectively hold over 3.4 million BTC—equivalent to 16.5% of Bitcoin’s total supply and valued at more than $408 billion.

BitMine acquires $2 billion in ether amid strategic treasury arms race

Source: TradingView

Ethereum (ETHUSD) Monthly Price Chart, BitMine’s 566,776 ETH purchase in June–July 2025 sparked a +45% rally, as seen in the July candle.

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