Ethereum News Today: BitMine Surpasses $1 Billion in Ethereum Holdings After $250 Million Private Placement

BitMine Immersion Technologies, a company traditionally focused on Bitcoin mining, has made a significant pivot towards Ethereum. As of July 17, 2025, the company announced that its Ethereum holdings have surpassed $1 billion. This milestone was achieved just days after closing a $250 million private placement on July 8, which funded the acceleration of their Ethereum treasury strategy.

The company now holds approximately 300,657 ETH, valued at about $3,461.89 per ETH. This substantial Ethereum position places BitMine among the largest public holders of ETH, with the company aiming to acquire and stake 5% of the total ETH supply. This strategy is designed to bolster its treasury and contribute to the growth and security of the Ethereum ecosystem.

Thomas “Tom” Lee, founder of Fundstrat and newly appointed Chairman of BitMine’s Board, highlighted the company’s strategic vision. Lee emphasized that accumulating a meaningful portion of the Ethereum supply creates a virtuous cycle, enhancing Ethereum’s economic security and fostering increased institutional participation and demand for ETH. He compared this approach to the significant Bitcoin holdings of companies like MicroStrategy, which he described as creating a “sovereign put” for institutional investors.

BitMine’s Ethereum treasury strategy involves increasing ETH held per share through reinvestment of company cash flows, capital markets activities to optimize cost of capital amid volatility, and earning staking yields. CEO Jonathan Bates added, “Acquiring $1 billion of ETH signals our conviction in Ethereum’s long-term value. We are committed to advancing our ETH treasury strategy as we transform BitMine into a leading digital asset platform.”

Previously, BitMine announced the closing of the $250 million private placement, which attracted prominent investors such as Founders Fund, Pantera, and Galaxy Digital, among others. This capital injection was specifically intended to expand BitMine’s ETH reserves, establishing ETH as the company’s primary treasury reserve asset. Billionaire Peter Thiel’s Founders Fund bought 5.09 million shares (9.1%) of BitMine Immersion Technologies, underscoring the growing convergence between traditional finance and crypto markets.

BitMine's strategic shift to diversified digital asset treasuries is evident in its actions. The company's current total of approximately $1 billion in ETH exceeds the initial $250 million PIPE proceeds by over 300%. This move signals a clear conviction in Ethereum’s long-term value and a commitment to its continued growth. BitMine aims to further increase its ETH holdings through reinvested cash flows, staking yields, and capital market activities. The company's asset-light treasury strategy focuses on leveraging market volatility to lower the cost of capital and enhance the value of its holdings.

BitMine's Ethereum holdings now eclipse those of the Ethereum Foundation, which holds $665 million worth of ETH. This corporate accumulation raises new questions about the control and influence of large entities in the Ethereum ecosystem. The company's strategic acquisition was made possible by the recent $250 million private placement closed on July 8th. This development comes as the Ethereum price hits a five-month high of around $3,400, driven by factors such as massive accumulation from whales like BitMine.

Billionaire Peter Thiel has shown support for this strategy, having acquired a 9.1% stake in the company. Thiel's backing underscores the confidence in BitMine's approach to digital asset management. The company's CEO, Jonathan Bates, emphasized the significance of this milestone, stating, "Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value. We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy."

In addition to BitMine, other corporations are also expanding their Ethereum holdings. GameSquare Holdings, for instance, has announced the pricing of its public offering of 46,666,667 shares at $1.50 each, raising about $70 million. The company plans to use these funds to increase its Ethereum holdings as part of an ambitious treasury strategy to generate on-chain yields through decentralized finance (DeFi) protocols and Ethereum ecosystem assets. GameSquare aims to develop a treasury strategy that will transform its traditional treasury operations into a high-performance business unit, utilizing its Ethereum assets to achieve returns as high as 8-14% on its holdings.

Similarly, SharpLink Gaming has purchased 74,656 ETH between July 7 and 13, indicating a growing trend among corporations to develop ETH-centered treasury solutions. These companies believe that such strategies will yield significant returns in the long run, further solidifying Ethereum's position as a valuable digital asset.