Ethereum News Today: BitMine's $2.03B ETH Accumulation Makes It Top Corporate Holder, Shares Surge 3,000%

BitMine Immersion Technologies has surged to the forefront of corporate Ether (ETH) accumulation, acquiring $2.03 billion worth of ETH—equivalent to 566,776 tokens—over a 16-day period, according to a statement. This aggressive accumulation has positioned the company as the largest corporate holder of ETH, surpassing rivals in the rapidly expanding race to build strategic crypto treasuries. The firm’s chairman, Tom Lee, revealed an ambitious target: to stake 5% of the total ETH supply, currently valued at approximately $22 billion. At present estimates, this would require securing around six million ETH, a figure that remains dynamic due to Ethereum’s burn mechanism altering supply elasticity [1].

The move has reshaped the landscape of corporate ETH holdings. SharpLink Gaming, previously a key player, now ranks second with 360,807 ETH ($1.3 billion) after a recent purchase of 79,949 tokens. The Ethereum Foundation holds 237,500 ETH, placing it third among treasury holders. BitMine’s holdings represent a significant shift in market dynamics, outpacing MicroStrategy’s Bitcoin treasury strategy, which controls 2.9% of Bitcoin’s capped 21 million supply. Lee’s goal, if achieved, would grant BitMine a larger stake in a single asset than any publicly traded firm currently holds in Bitcoin [2].

The trend has already driven substantial stock price surges. BitMine’s shares (BMNR) climbed over 3,000% to $135 following its Ethereum pivot in early July, while SharpLink’s (SBET) stock jumped 171% to $79.21 after announcing similar plans in May. The corporate accumulation frenzy has expanded the ETH treasury market, with 61 entities now collectively holding 2.31 million ETH—1.91% of the total supply, valued at $8.46 billion. This pales in comparison to Bitcoin’s corporate treasuries, which include 206 companies holding $408 billion in BTC. However, Ether’s growing institutional adoption suggests a narrowing gap [3].

Analysts remain divided on the sustainability of this trend. Critics argue that many crypto treasury firms operate more as exit vehicles for insiders rather than genuine buyers. Ran Neuner, a crypto analyst, highlighted that these companies often receive contributions of digital assets from existing holders in exchange for equity, which later trades at inflated prices on public markets. This dynamic raises questions about the true market impact of such acquisitions. James Check, lead analyst at Glassnode, warned that the “easy gains” of corporate Bitcoin treasuries may no longer be viable for new entrants as the market matures. Similarly, Matthew Sigel of VanEck expressed skepticism about the long-term viability of these strategies, citing regulatory and market risks [4].

BitMine’s rapid accumulation underscores a broader shift in institutional crypto strategies, with Ether becoming a strategic asset for corporate treasuries. The firm’s success hinges on its ability to navigate regulatory scrutiny, maintain market confidence, and execute its staking ambitions. While the Ethereum market faces inherent volatility, the growing influence of corporate buyers could reinforce demand, potentially stabilizing or even elevating ETH’s value. For now, the race to secure a share of Ether’s supply continues to reshape the crypto landscape, with BitMine at the helm of a new wave of institutional participation.

Sources:

[1] [title] [https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/]

[2] [title] [https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/]

[3] [title] [https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/]

[4] [title] [https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/]