Ethereum News Today: BitMine Surpasses SharpLink with 833,137 ETH Purchase in 35 Days

BitMine Immersion Technologies has surged to the forefront of the Ethereum (ETH) treasury race by acquiring 833,137 ETH in just 35 days, according to an August 4 statement. This acquisition positions the company as the largest corporate holder of ETH, with the holdings valued at over $2.9 billion. This move not only overtakes previously leading entity SharpLink, which holds 438,000 ETH, but also places BitMine third globally in crypto treasury assets, trailing only behind entities focused on Bitcoin [1].

Tom Lee, Chairman of BitMine’s board and co-founder of Fundstrat Global Advisors, emphasized the company’s rapid progress in what he calls the “alchemy of 5%” of ETH. Within a month, BitMine significantly expanded its ETH holdings while maintaining high liquidity of its stock, which has attracted attention from institutional investors [1].

BitMine’s stock, trading under the ticker BMNR, has experienced a notable uptick in trading activity. According to Fundstrat data, BMNR averaged $1.6 billion in daily trading volume over the past five days, placing it 42nd among all US-listed stocks—just behind ride-hailing giant Uber. The stock price has surged more than 300% since the company announced its ETH strategy [1].

The growing institutional interest is led by high-profile investors such as Cathie Wood’s Ark Invest and Bill Miller III, who has a history of supporting bold digital asset strategies, including MicroStrategy’s Bitcoin pivot in 2020. Miller noted that BitMine is well-positioned for profitability once ETH staking is activated, praising the company’s evidence-based, independent decision-making and capital allocation strategy [1].

The strategic shift has been widely observed in traditional financial circles, as BitMine’s aggressive move into Ethereum underscores a broader trend of institutional adoption in the crypto space. The company’s rapid execution and transparency have contributed to its rising profile among both crypto and traditional finance players [1].

Source: [1] BitMine buys 833k ETH in 35 days to leapfrog SharpLink, stunning Wall St with $1.6B trading volume (https://cryptoslate.com/bitmine-buys-833k-eth-in-35-days-to-leapfrog-sharplink-stunning-wall-st-with-1-6b-trading-volume/)