Ethereum News Today: BitMine Immersion's $2.1B ETH Purchase Drives 3,000% Stock Surge Becomes Largest Corporate Holder

Bitcoin mining firm BitMine Immersion Technologies has acquired 566,776 Ether (ETH)—worth over $2.1 billion—in just 16 days, reclaiming its position as the largest corporate holder of Ethereum, according to Strategic Ether Reserves [1]. This aggressive buying spree positions the company as a major player in the rapidly expanding "treasury arms race" among firms accumulating Ethereum to stake and generate yield. BitMine’s founder, Tom Lee, stated the purchase brings the company closer to its goal of acquiring 5% of the total ETH supply, a target that currently equates to approximately 6 million ETH valued at around $22 billion [1].

The firm’s latest acquisition surpassed SharpLink Gaming, which previously held the largest corporate ETH holdings after purchasing 79,949 ETH on July 18, bringing its total to 360,807 ETH valued at $1.3 billion [1]. Strategic Ether Reserves data also highlights the Ethereum Foundation as the third-largest holder, with 237,500 ETH. BitMine’s actions underscore a broader trend of institutional interest in Ethereum, driven by its transition to a proof-of-stake model and the economic incentives of staking.

The move has had immediate market implications. BitMine’s stock (BMNR) surged over 3,000% to a record high of $135 on July 3 following the announcement of its ETH acquisition strategy [1]. SharpLink Gaming (SBET) similarly saw its share price jump 171% to $79.21 after disclosing its ETH pivot on May 27. Analysts attribute these gains to investor enthusiasm for companies diversifying into crypto treasuries, a strategy that mirrors traditional asset allocation but with the added appeal of blockchain-native yields.

BitMine’s ambition to control 5% of the ETH supply places it in direct competition with Michael Saylor’s MicroStrategy, which holds 2.9% of Bitcoin’s 21 million-coin supply [1]. While Ethereum’s supply is dynamic—expanding or contracting based on net issuance rates—BitMine’s target reflects a strategic bet on Ethereum’s long-term value. The firm’s purchase also highlights the growing disparity between Bitcoin and Ethereum treasuries: over 3.4 million Bitcoin (worth $408 billion) is held in corporate reserves, representing 16.5% of the total supply, compared to 2.31 million ETH (1.91% of total supply, valued at $8.46 billion) [1].

The rapid accumulation of ETH by firms like BitMine raises questions about market liquidity and price volatility. While such large-scale purchases can temporarily inflate ETH’s price, they also centralize ownership in a handful of institutions, potentially complicating Ethereum’s decentralized ethos. However, proponents argue that corporate treasuries enhance network security by aligning institutional incentives with blockchain protocols.

The Strategic Ether Reserves report emphasizes that 61 entities now hold 2.31 million ETH in strategic reserves, a 37% increase since January 2025 [1]. This growth coincides with broader crypto adoption, as companies increasingly view digital assets as a hedge against inflation and a source of passive income.

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