Ethereum News Today: BitMine Buys $2.1B ETH in 16 Days, Surpasses Ethereum Foundation as Largest Holder, Stock Soars 3,000%

BitMine Immersion Technologies, a Bitcoin mining firm led by managing partner Tom Lee, has rapidly acquired over $2.1 billion worth of Ether (ETH) in 16 days, purchasing 566,776 ETH tokens and reclaiming its position as the largest corporate holder of the cryptocurrency [1]. This aggressive buying spree aligns with a broader trend of institutional players building strategic crypto treasuries, intensifying competition among firms to secure large token holdings for staking and long-term value generation [2].

According to Strategic Ether Reserves, BitMine now holds the largest corporate ETH treasury, surpassing SharpLink Gaming (360,807 ETH) and the Ethereum Foundation (237,500 ETH) [1]. Lee stated the acquisition brings the company “well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply,” which currently equates to approximately 6 million ETH, valued at around $22 billion [1]. If successful, BitMine would hold a larger share of the ETH supply than Michael Saylor’s company, which owns 2.9% of Bitcoin’s 21 million coin supply [1].

The firm’s rapid accumulation has coincided with significant stock price surges. BitMine’s shares (BMNR) spiked over 3,000% to an all-time high of $135 on July 3, following its announcement of the ETH purchase plan [1]. Similarly, SharpLink Gaming’s stock (SBET) rose 171% after disclosing its own ETH acquisition of 79,949 tokens in a single transaction [1].

The Ethereum blockchain’s dynamic supply—subject to inflation or deflation depending on net issuance versus burn rates—adds complexity to BitMine’s strategy [1]. Unlike Bitcoin’s fixed supply, ETH’s circulating volume can fluctuate, meaning the company’s target of 5% of the supply remains a moving benchmark. As of now, 2.31 million ETH are held in 61 strategic reserves, representing 1.91% of the total supply and valued at $8.46 billion [1].

This “treasury arms race” highlights the growing institutional interest in staking as a revenue-generating mechanism. By locking ETH to secure the Ethereum network, firms earn yield while influencing consensus dynamics. However, critics warn that concentrated staking power could centralize network control, raising governance concerns within the Ethereum community [1].

The competitive landscape underscores crypto’s evolving role in institutional portfolios. While BitMine’s strategy mirrors similar efforts by other firms, its speed and scale have drawn particular attention. The broader market’s reaction to such aggressive accumulation remains a key variable, with potential implications for ETH’s price volatility and the balance of power in decentralized networks.

Sources:

[1] [Cointelegraph] [https://cointelegraph.com/news/bitmine-is-largest-ether-holder-after-16-day-blitz]

[2] [advfn.com] [https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96495869/bitmine-gobbles-2-1b-in-eth-in-16-days-amid-treas]

[3] [Cryptostudent] [https://cryptostudent.io/bitcoin/]