BitMine Snaps Up $2B in Ether in 16 Days, Leads New Wave of ETH Treasury Firms

BitMine Immersion Technologies has emerged as the largest corporate holder of Ether after acquiring more than $2 billion worth of ETH in just over two weeks, according to a statement released Thursday.

The Bitcoin mining company announced it had purchased 566,776 Ether over a 16-day span, amounting to approximately $2.03 billion at current prices.

The aggressive move has vaulted BitMine ahead of rivals in the fast-growing race to build strategic Ether treasuries.

BitMine Aims to Stake 5% of Total Ether Supply, Says Chairman Tom Lee

Tom Lee, managing partner at FundStrat and chairman of BitMine, said the firm is targeting an ambitious goal — to acquire and stake 5% of the total Ether supply.

At today’s estimates, that would amount to roughly six million ETH, or about $22 billion. Ether’s supply is elastic due to its burn mechanism, making this a moving target.

If successful, BitMine would control a larger share of Ether than MicroStrategy holds in Bitcoin. Michael Saylor’s firm owns 607,770 BTC, or 2.9% of Bitcoin’s capped 21 million supply.

BitMine’s rapid accumulation has flipped SharpLink Gaming, which recently announced a 79,949 ETH purchase, bringing its total holdings to 360,807 ETH, valued around $1.3 billion.

The Ethereum Foundation ranks third among treasury holders with approximately 237,500 ETH.

The trend has fueled surging valuations. BitMine shares (BMNR) soared more than 3,000% to $135 following its Ether pivot in early July.

SharpLink’s (SBET) stock spiked 171% to $79.21 after revealing similar plans in May.

According to Strategic Ether Reserves, 61 entities now collectively hold 2.31 million ETH — around 1.91% of the total supply, valued at $8.46 billion.

While that figure pales in comparison to Bitcoin, where 206 companies control over 3.4 million BTC worth $408 billion, Ether treasuries are gaining ground fast.

Crypto Treasuries Aren’t Really Buying Crypto

A growing number of publicly traded companies are raising hundreds of millions of dollars to build crypto treasuries, but one analyst says many aren’t actually buying digital assets from the open market.

As reported, crypto analyst Ran Neuner claimed that crypto treasury firms are acting less like buyers and more like exit vehicles for crypto insiders.

Instead of purchasing assets directly from exchanges, these companies often receive crypto contributions from existing holders, in exchange for shares that later trade at massive premiums on public markets.

Skepticism around the sustainability of the crypto treasury trend is also growing.

Last month, Glassnode lead analyst James Check raised concerns over the longevity of the corporate Bitcoin treasury strategy, arguing the easy gains might already be gone for new entrants as the market matures.

The warning echoes recent comments from Matthew Sigel, head of digital asset research at VanEck, who has voiced concerns over the Bitcoin treasury strategies adopted by some publicly traded firms.

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