Ethereum News Today: BitMine Buys 566776 ETH in 16 Days for $2.03B Shares Jump 3000%

BitMine Immersion Technologies has executed one of the most aggressive Ethereum (ETH) accumulation campaigns in corporate history, acquiring 566,776 ETH valued at $2.03 billion over 16 days. This rapid acquisition, confirmed by the company in a July 3 statement, has established BitMine as the largest corporate holder of ETH, surpassing entities like SharpLink Gaming (360,800 ETH) and the Ethereum Foundation (237,500 ETH). The firm’s chairman, Tom Lee, outlined a target to secure 5% of Ethereum’s total supply—approximately 6 million ETH, currently valued at $22 billion—through staking [1].

The move follows a $250 million private investment in public equity (PIPE) raise earlier this month, enabling BitMine to scale its treasury strategy. The company’s stock (BMNR) surged over 3,000% to $135 after the announcement, reflecting investor enthusiasm. Meanwhile, competitors like SharpLink Gaming (SBET) also saw gains, with its shares rising 171% to $79.21 after disclosing a $1.3 billion ETH treasury [2].

Corporate Ethereum holdings have now reached 2.31 million ETH, representing 1.91% of the total supply and $8.46 billion in value. While this pales compared to Bitcoin’s corporate holdings (3.4 million BTC, $408 billion), it underscores growing institutional interest in Ethereum as a reserve asset. BitMine’s 5% target would eclipse MicroStrategy’s Bitcoin holdings (607,770 BTC, 2.9% of Bitcoin’s supply) [3].

Analysts remain divided on the implications of corporate staking strategies. Critics argue that firms like BitMine and SharpLink may function as exit vehicles for crypto insiders, who exchange ETH for equity in companies trading at premiums. Others caution that early gains in crypto treasuries could prove unsustainable as markets mature [4]. James Check of Glassnode and Matthew Sigel of VanEck have highlighted risks in replicating Bitcoin treasury successes, particularly as Ethereum’s supply dynamics differ from Bitcoin’s fixed model [5].

BitMine’s strategy also raises governance questions. Staking 5% of Ethereum’s supply could amplify corporate influence over network decisions, though the company’s intent to stake—rather than hoard—ETH might mitigate some concerns. Analysts like Ran Neuner have noted that while institutional participation can stabilize markets, concentrated holdings risk centralization [6].

Long-term success hinges on Ethereum’s price trajectory. If ETH reaches $20,000 as some analysts predict, BitMine’s current holdings would surge to over $11 billion, bolstering its financial position [7]. However, volatility and regulatory scrutiny remain significant challenges. The company’s ability to balance accumulation with market liquidity will be critical to maintaining credibility.

The press release highlights a broader shift in crypto capital allocation, with firms prioritizing Ethereum’s staking yields and growth potential. Yet, as the market evolves, transparency and alignment with investor interests will be key to sustaining momentum in corporate treasuries [8].

Sources:

[1] [BitMine Snaps Up $2B in Ether in 16 Days](https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/)

[2] [BitMine Immersion ETH Holdings Exceed $2 Billion](https://www.ainvest.com/news/ethereum-news-today-bitmine-immersion-eth-holdings-exceed-2-billion-5-supply-target-drives-staking-strategy-2507/)

[3] [Institutions Now Hold Over 10% of Bitcoin Supply](https://cryptoslate.com/institutions-now-hold-over-10-of-bitcoin-supply-as-demand-outpaces-btc-mining-by-10x/)

[4] [Crypto Treasuries Aren’t Really Buying Crypto](https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/)

[5] [Corporate Bitcoin Treasury Strategy Sustainability](https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/)

[6] [BitMine Aims to Stake 5% of Total Ether Supply](https://cryptonews.com/news/bitmine-snaps-up-2b-in-ether-in-16-days/)

[7] [Daily General Discussion July 24, 2025](https://www.reddit.com/r/ethereum/comments/1m7vgcf/daily_general_discussion_july_24_2025/)