Ethereum News Today: BitMine's Ethereum Holdings Top $2 Billion as Staking Goal Nears 5% Shares Jump 7%

BitMine Immersion Technologies (BMNR) has solidified its position as the largest publicly traded holder of Ethereum, with its ETH holdings now valued at over $2 billion. The company disclosed on July 24 that it currently holds 566,776 ETH, acquired at an average price of $3,643 per token [1]. This volume exceeds the combined holdings of the Ethereum Foundation, the non-profit behind the blockchain network, and Coinbase, the largest U.S. crypto trading platform [1]. BitMine’s ETH stash also surpasses SharpLink, the second-largest Ethereum holder, by more than 200,000 tokens [1].

BitMine’s strategic focus on accumulating Ethereum has drawn attention to its ambitious target: staking 5% of the cryptocurrency’s total supply. Chairman Thomas Lee emphasized that the firm’s ongoing accumulation strategy makes this goal achievable, despite its current ownership of just 0.46% of circulating ETH [1]. The company’s approach aligns with growing institutional interest in crypto, highlighted by a $170 million investment from Ark Invest, led by Cathie Wood. Wood recently praised BitMine’s potential to lead in decentralized finance (DeFi) and on-chain capital markets, describing digital asset treasury firms as “next-generation asset managers” [1].

In parallel, BitMine expanded access to its shares through the launch of options trading on the New York Stock Exchange under the ticker symbol “BMNR.” The listing, featuring standard expiration dates and multiple strike prices, reflects investor confidence and provides new tools for managing risk or capitalizing on the firm’s growth trajectory [1]. Following these developments, BMNR stock surged 7% to $42, according to Google Finance data [1].

The move underscores the broader trend of traditional financial infrastructure integrating with blockchain ecosystems. By staking a significant portion of Ethereum’s supply, BitMine could influence network security and governance while generating yields for its treasury. However, the path to 5% ownership remains challenging, requiring sustained accumulation amid market volatility and regulatory scrutiny. Institutional backing and strategic market access initiatives suggest the firm is positioned to navigate these hurdles, though execution will depend on Ethereum’s price action and macroeconomic conditions.

Sources:

[1] [BitMine Immersion Aims to Stake 5% of Ethereum’s Supply as Holdings Exceed $2 Billion](https://cryptoslate.com/bitmine-immersion-aims-to-stake-5-of-ethereums-supply-as-holdings-exceed-2-billion/)