Ethereum News Today: BitMine Becomes Largest Ether Holder After 16-Day $2.1B Buy

Bitcoin mining firm BitMine Immersion Technologies has rapidly acquired over $2.1 billion in Ether (ETH) within 16 days, surpassing competitors and becoming the largest corporate holder of the cryptocurrency. The company announced the purchase of 566,776 ETH during this period, according to Strategic Ether Reserves data [1]. Tom Lee, BitMine’s managing partner and chairman, stated the move advances the firm’s goal of acquiring 5% of the total ETH supply, a target requiring approximately 6 million tokens, currently valued at around $22 billion at prevailing prices [1].

BitMine’s aggressive accumulation has edged out SharpLink Gaming, previously the largest corporate ETH holder, which now holds 360,807 ETH ($1.3 billion). The Ethereum Foundation trails with 237,500 ETH [1]. This surge reflects a broader trend of institutional players treating ETH as a strategic reserve asset, akin to Bitcoin treasury strategies employed by firms like MicroStrategy. Michael Saylor’s company holds 607,770 BTC (2.9% of Bitcoin’s total supply), but BitMine’s stated objective of controlling 5% of ETH would surpass this share if achieved [1].

The treasury race has also driven significant stock price volatility for companies involved. BitMine’s shares (BMNR) soared over 3,000% to a record $135 on July 3 following its ETH purchase announcement, while SharpLink Gaming’s (SBET) shares jumped 171% to $79.21 after its May 27 pivot to ETH investments [1]. These market reactions underscore investor enthusiasm for firms integrating cryptocurrencies into their balance sheets, particularly as Ethereum’s supply dynamics—shaped by deflationary mechanisms like transaction fee burning—evolve.

Strategic Ether Reserves reports that 2.31 million ETH held across 61 reserves currently represent 1.91% of the total supply, valued at $8.46 billion [1]. By comparison, Bitcoin’s strategic reserves include 3.4 million BTC held by 206 firms, valued at $408 billion (16.5% of total supply) [1]. The disparity highlights Ethereum’s smaller institutional footprint despite growing interest in treasury allocations.

BitMine’s pace of acquisition raises questions about sustainability, as reaching 5% of the ETH supply would require months of additional purchases. Ethereum’s supply is not fixed, fluctuating based on burning and issuance rates, which could either amplify or dilute the impact of corporate holdings [1]. Lee’s confidence in progress toward the goal suggests strategic optimism, though the $22 billion target remains substantial.

The shift in corporate strategy could reshape Ethereum’s market structure, potentially increasing institutional influence over staking dynamics and governance. As of July 2025, the data underscores a clear trend: firms are increasingly viewing ETH as a strategic asset, with BitMine’s 16-day blitz setting a new benchmark for institutional crypto acquisitions [1].

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