Ethereum News Today: BitMine Immersion Surges 3000% After $2.03B ETH Buy, Ether Climbs 4%

BitMine Immersion Technologies has rapidly amassed $2.03 billion in Ethereum (ETH) over 16 days, purchasing 566,776 ETH, according to statements from the firm and third-party reports [1][2]. This aggressive acquisition, part of a broader strategy to control 5% of Ethereum’s supply, positions BitMine as the largest corporate holder of the cryptocurrency. The company, which raised $250 million in a private investment in early July, has surpassed competitors such as SharpLink Gaming and the Ethereum Foundation in its ETH holdings [3][4].

Tom Lee, BitMine’s chairman and managing partner at FundStrat, affirmed the firm’s target of acquiring approximately 6 million ETH—valued at over $22 billion at current prices—to achieve its 5% goal [2]. Unlike Bitcoin’s fixed supply, Ethereum’s circulating supply remains dynamic due to issuance and burning mechanisms, meaning BitMine’s stake could grow in relative influence over time [2]. The firm’s move reflects a growing trend of institutional Ethereum accumulation, with 61 entities now collectively holding 2.31 million ETH, or 1.91% of the total supply, valued at $8.46 billion [2].

The acquisition has already driven significant market reactions. BitMine’s stock (BMNR) surged over 3,000% to $135 following the announcement, while SharpLink Gaming’s (SBET) shares rose 171% after its own Ethereum-focused strategy [1]. Meanwhile, Ether prices climbed 4% in the wake of BitMine’s accumulation, signaling investor confidence in institutional adoption [1]. However, the sustainability of corporate treasury strategies remains debated. Analysts like James Check of Glassnode and Matthew Sigel of VanEck have raised concerns that such tactics may reflect capital recycling rather than genuine demand, with firms acting as intermediaries for existing holders rather than direct buyers [2].

Critics also highlight the challenges of maintaining a 5% ETH stake. The elastic nature of Ethereum’s supply means continuous adjustments will be necessary to retain market share, unlike Bitcoin’s fixed 21 million cap. For context, Michael Saylor’s company holds 607,770 BTC—2.9% of Bitcoin’s supply—but BitMine’s target exceeds this in nominal value [2]. While institutional Ethereum holdings currently lag behind Bitcoin’s $408 billion in corporate Bitcoin reserves (3.4 million BTC), the pace of Ethereum accumulation is accelerating [2].

The implications for Ethereum’s ecosystem remain uncertain. If successful, BitMine’s strategy could amplify staking rewards and governance influence, but critics warn of potential market distortions. The firm’s $2 billion ETH purchase underscores the convergence of traditional finance and crypto markets, as companies leverage capital raises to shape asset prices and network dynamics. Whether this approach stabilizes Ethereum’s value or fuels speculative cycles will depend on balancing profit motives with long-term network health [2].

Sources:

[1] [Ether Surges 4% as ETH Treasury Firm BitMine Steps Up](https://www.coindesk.com/markets/2025/07/24/ether-surges-4-as-eth-treasury-firm-bitmine-steps-up-bid-to-acquire-5-of-supply)

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

[3] [BitMine Immersion ETH Holdings Surpass $2 Billion](https://www.ainvest.com/news/ethereum-news-today-bitmine-immersion-eth-holdings-surpass-2-billion-700-surge-16-days-2507/)

[4] [BitMine surpasses $2B in ETH holdings (BMNR:NYSE)](https://seekingalpha.com/news/4471330-bitmine-surpasses-2b-in-eth-holdings?source=generic_rss)