Ethereum News Today: BitMine Buys $2B in Ether in 16 Days, Shares Soar 3,000% as It Overtakes Ethereum Foundation in Treasury Holdings

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 on July 24 [1]. The Bitcoin mining firm announced it had purchased 566,776 Ether (ETH) over a 16-day span, valued at approximately $2.03 billion at current prices [1]. This aggressive accumulation has positioned BitMine at the forefront of a growing trend of institutional-grade Ether treasury firms, with its holdings surpassing rivals such as SharpLink Gaming and the Ethereum Foundation [2].

The firm’s chairman, Tom Lee, outlined an ambitious long-term strategy to stake 5% of the total Ether supply, a target requiring roughly 6 million ETH or $22 billion at current valuations [1]. This would grant BitMine a larger share of Ether than MicroStrategy’s 2.9% Bitcoin holdings, currently valued at 607,770 BTC [1]. Meanwhile, SharpLink Gaming, which recently added 79,949 ETH to its reserves, now holds 360,807 ETH ($1.3 billion), securing second place among corporate treasury holders [2]. The Ethereum Foundation ranks third with 237,500 ETH [1].

The rapid accumulation of corporate Ether treasuries has fueled surging valuations for the involved companies. BitMine shares (BMNR) surged over 3,000% to $135 following its July 2025 ETH acquisition strategy, while SharpLink’s (SBET) stock jumped 171% to $79.21 after disclosing similar plans in May [1]. Analysts note that 61 entities now collectively hold 2.31 million ETH, representing 1.91% of the total supply and $8.46 billion in value [1]. While this pales compared to Bitcoin’s $408 billion corporate treasury market, the pace of growth in Ether accumulation is accelerating [1].

Skepticism, however, persists about the sustainability of the trend. Crypto analyst Ran Neuner argues that many firms are not purchasing Ether directly from exchanges but instead receiving contributions from existing holders in exchange for shares that later trade at premiums on public markets [1]. This dynamic raises questions about whether such strategies reflect genuine demand or serve as exit vehicles for crypto insiders. James Check of Glassnode and Matthew Sigel of VanEck have also warned that early gains in corporate treasury strategies may be harder to replicate as markets mature [1].

BitMine’s moves reflect a broader shift in institutional confidence in Ethereum’s value proposition. With Ether’s supply remaining elastic due to its burn mechanism, the firm’s goal to stake 5% of the total supply remains a moving target. The company’s rapid ascent has also intensified competition in the corporate treasury space, where strategic Ether holdings are increasingly seen as a hedge against macroeconomic uncertainty [1].

Source:

[1] [BitMine Snaps Up $2B in Ether in 16 Days, Leads New Wave of ETH Treasury Firms](https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/)