Ethereum News Today: BitMine Acquires Over $2.1B in Ether in 16 Days Becomes Largest Ether Treasury

Bitcoin mining firm BitMine Immersion Technologies has rapidly expanded its Ether (ETH) holdings, acquiring over $2.1 billion worth of the cryptocurrency in just 16 days. The company disclosed on July 17 that it had purchased 566,776 ETH during this period, valued at approximately $2.03 billion at current prices [1]. This aggressive acquisition has positioned BitMine as the largest Ether treasury firm, surpassing entities like SharpLink Gaming and the Ethereum Foundation [2].

Tom Lee, managing partner of FundStrat and chairman of BitMine, stated the purchases align with the company’s goal of acquiring and staking 5% of the total ETH supply. At current valuations, 5% of Ethereum’s circulating supply—estimated at around 6 million ETH—would cost approximately $22 billion [3]. The company’s rapid accumulation has also outpaced Michael Saylor’s MicroStrategy, which holds 2.9% of Bitcoin’s total supply, though Saylor has indicated continued Bitcoin purchases as a long-term treasury strategy [4].

Ethereum’s variable supply, which can expand or contract based on transaction fee burns and issuance rates, adds complexity to such comparisons. Meanwhile, BitMine’s stock price (BMNR) has surged over 3,000% since its Ether treasury announcement in June, peaking at $135 on July 3. SharpLink Gaming, another major player in the treasury race, reported a recent purchase of 79,949 ETH, raising its total holdings to 360,807 ETH, valued at around $1.3 billion [5]. Its stock (SBET) also saw a 171% spike following its May 27 Ether pivot.

The broader market for strategic crypto reserves continues to grow. According to Strategic Ether Reserves data, 2.31 million ETH are now held in 61 corporate and institutional treasuries, representing 1.91% of the total supply. This contrasts sharply with Bitcoin’s strategic reserves, where over 3.4 million BTC—16.5% of the total supply—are held by 206 firms, valued at over $408 billion [6]. The disparity highlights divergent approaches to digital asset allocation between the two leading cryptocurrencies.

BitMine’s 16-day campaign underscores a broader trend of institutional and corporate entities treating Ether as a strategic reserve asset. Analysts note that such activity could influence Ethereum’s market dynamics, particularly if other firms follow suit in staking or long-term holding strategies. The company’s next challenge will be scaling its purchases to reach the 5% threshold while managing volatility in ETH’s price and supply.

Source:

[1] [Cointelegraph - BitMine Is Largest Ether Holder After 16-Day Blitz](https://cointelegraph.com/news/bitmine-is-largest-ether-holder-after-16-day-blitz)

[2] [Cointelegraph - BitMine Is Largest Ether Holder After 16-Day Blitz](https://cointelegraph.com/news/bitmine-is-largest-ether-holder-after-16-day-blitz)

[3] [Cointelegraph - BitMine Is Largest Ether Holder After 16-Day Blitz](https://cointelegraph.com/news/bitmine-is-largest-ether-holder-after-16-day-blitz)

[4] [Cointelegraph - BitMine Is Largest Ether Holder After 16-Day Blitz](https://cointelegraph.com/news/bitmine-is-largest-ether-holder-after-16-day-blitz)

[5] [Cointelegraph - BitMine Is Largest Ether Holder After 16-Day Blitz](https://cointelegraph.com/news/bitmine-is-largest-ether-holder-after-16-day-blitz)

[6] [Cointelegraph - BitMine Is Largest Ether Holder After 16-Day Blitz](https://cointelegraph.com/news/bitmine-is-largest-ether-holder-after-16-day-blitz)