BitMine Acquires $2 Billion in Ether Over 16 Days, Pioneers New Trend Among ETH Treasury Companies

BitMine Immersion Technologies has become the largest corporate holder of Ether after purchasing over $2 billion worth of ETH in just over two weeks, as stated in a release on Thursday.

Key Takeaways:

• BitMine has established itself as the largest corporate holder of Ether, acquiring more than $2 billion worth in a span of 16 days.
• The company aims to stake 5% of the total Ether supply, a goal valued at approximately $22 billion.
• Corporate Ether reserves are increasing swiftly, with BitMine and SharpLink at the forefront of this new accumulation trend.

The Bitcoin mining firm disclosed that it had acquired 566,776 Ether over a 16-day period, totaling around $2.03 billion at current market prices.

This bold strategy has propelled BitMine ahead of competitors in the rapidly expanding effort to establish significant Ether reserves.

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

Tom Lee, managing partner at FundStrat and chairman of BitMine, indicated that the firm is pursuing an ambitious objective — to acquire and stake 5% of the total Ether supply.

At current estimates, this would equate to approximately six million ETH, or about $22 billion. The supply of Ether is variable due to its burn mechanism, making this a dynamic target.

If successful, BitMine would possess a larger portion of Ether than MicroStrategy holds in Bitcoin. Michael Saylor’s company owns 607,770 BTC, representing 2.9% of Bitcoin’s capped 21 million supply.

BitMine’s swift accumulation has surpassed SharpLink Gaming, which recently reported a purchase of 79,949 ETH, raising its total holdings to 360,807 ETH, valued at around $1.3 billion.

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

two companies are buying ETH like CRAZY
– Bitmine holds $2.12 billion in ETH
– SharpLink holds $1.35 billion in ETH
the Ethereum Foundation is the 3rd largest holder
ETH IS GOING TO $20,000 THIS CYCLE! pic.twitter.com/cQxx7Y6MRG

— borovik (@3orovik) July 24, 2025

This trend has led to soaring valuations. BitMine shares (BMNR) surged over 3,000% to $135 following its shift towards Ether in early July.

SharpLink’s (SBET) stock increased by 171% to $79.21 after announcing similar intentions in May.

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

While this figure is modest compared to Bitcoin, where 206 companies control over 3.4 million BTC worth $408 billion, Ether treasuries are rapidly gaining traction.

Crypto Treasuries Aren’t Really Buying Crypto

An increasing number of publicly traded companies are raising substantial funds to establish crypto treasuries, but one analyst suggests that many are not actually acquiring digital assets from the open market.

As reported, crypto analyst Ran Neuner asserted that crypto treasury firms are behaving less like buyers and more like exit strategies for crypto insiders.

Rather than directly purchasing assets from exchanges, these companies frequently receive crypto contributions from existing holders, in exchange for shares that later trade at significant premiums on public markets.

Concerns regarding the sustainability of the crypto treasury trend are also on the rise.

Last month, Glassnode lead analyst James Check expressed worries about the viability of the corporate Bitcoin treasury strategy, suggesting that the easy profits may already be out of reach for new entrants as the market evolves.

This caution resonates with recent remarks from Matthew Sigel, head of digital asset research at VanEck, who has raised concerns about the Bitcoin treasury strategies employed by certain publicly traded firms.

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