BitMine Buys $2B in ETH Becoming Top Ethereum Holder

Bitcoin miner BitMine has become the largest corporate holder of Ethereum after acquiring over $2 billion in ETH in just 16 days.

BitMine Immersion Technologies, traditionally known as a Bitcoin mining firm, has stunned the crypto market by rapidly amassing $2.03 billion worth of Ether in just over two weeks, according to the press release. The company’s acquisition of 566,776 ETH signals a seismic shift in corporate crypto treasury strategies and positions BitMine as a frontrunner in the emerging race to stockpile Ethereum.

A Bold Move to Corner the ETH Market

BitMine’s entry into Ethereum began earlier this month, and in just 16 days, it has overtaken every other publicly disclosed ETH treasury holder. The company’s pivot marks one of the most aggressive ETH accumulation campaigns in corporate history, leapfrogging past previous leaders such as SharpLink Gaming, which recently disclosed holdings of 360,807 ETH worth around $1.3 billion.

BitMine’s ambitions go far beyond a treasury play. According to Tom Lee, chairman of BitMine and managing partner at FundStrat, the firm is targeting 5% of Ethereum’s total supply, with plans to stake much of the acquired ETH to generate passive income and network influence.

“Our goal is to accumulate and stake 5% of the total Ether supply,” Lee said in a statement, highlighting the company’s long-term strategic commitment.

At current estimates, 5% of the Ethereum supply equates to roughly 6 million ETH, or about $22 billion at prevailing market prices. That would give BitMine control of a larger share of ETH than MicroStrategy’s 2.9% stake in Bitcoin, which totals 607,770 BTC.

Corporate ETH Treasuries Are Accelerating

BitMine is just the most aggressive participant in a growing movement of publicly traded companies reallocating treasury capital to Ethereum. Recent data compiled by Strategic Ether Reserves shows that 61 entities collectively hold 2.31 million ETH, representing 1.91% of Ethereum’s total supply—valued at approximately $8.46 billion.

Though still far behind Bitcoin treasury adoption—where 206 companies own more than 3.4 million BTC worth $408 billion—Ethereum is gaining traction fast. The Ethereum Foundation remains the third-largest known holder, with a balance of around 237,500 ETH.

Key Corporate ETH Holders (Approximate Holdings):

• BitMine: 566,776 ETH (~$2.03B)
• SharpLink Gaming: 360,807 ETH (~$1.3B)
• Ethereum Foundation: 237,500 ETH (~$0.88B)

Soaring Stock Prices Follow ETH Moves

Public market reactions to ETH treasury announcements have been overwhelmingly bullish. BitMine’s stock (BMNR) skyrocketed by over 3,000% to $135 after it revealed its Ethereum accumulation strategy earlier in July. Similarly, SharpLink Gaming (SBET) saw a 171% jump to $79.21 following its ETH purchase disclosure in May.

The outsized gains highlight investor appetite for publicly traded exposure to Ethereum, particularly when traditional equities are delivering mixed results amid macroeconomic uncertainty.

Treasury Strategy: Investment or Exit Scheme?

While BitMine’s accumulation appears straightforward, not all corporate treasury strategies are created equal. According to crypto analyst Ran Neuner, many of these firms may not be buying crypto from the open market at all. Instead, he argues, some treasury expansions function more like insider liquidation vehicles.

Rather than purchasing assets via exchanges, some companies allegedly receive crypto contributions from existing holders in return for equity stakes. These shares then debut on public markets, often trading at inflated premiums. The strategy allows insiders to cash out with liquidity from public investors, raising concerns over the transparency and integrity of such treasury builds.

Skepticism has also emerged regarding the long-term sustainability of the corporate crypto treasury model. James Check, lead analyst at Glassnode, recently questioned whether the early, high-return phase of Bitcoin treasury accumulation is already over. As the market matures, Check warns, future entrants may face diminishing returns and increased risk.

Bitcoin Firms Still Raising Capital for Treasuries

While Ethereum sees a surge in corporate adoption, Bitcoin-focused firms continue their aggressive treasury expansions. MicroStrategy, the largest corporate Bitcoin holder, has reportedly increased its preferred stock offering to $2 billion, according to Bloomberg. Meanwhile, Marathon Digital Holdings (MARA) has unveiled plans to raise $850 million to grow its own strategic Bitcoin reserves.

This ongoing capital raise trend across the crypto sector reflects a broader shift among public companies seeking digital asset exposure—whether through Ethereum or Bitcoin. However, the method of acquisition and the transparency behind these strategies will likely remain under scrutiny.

Ethereum’s Corporate Era Has Begun

BitMine’s meteoric Ether acquisition underscores a turning point in how corporations view Ethereum—not just as a programmable platform or DeFi backbone, but as a strategic treasury asset.

The company’s stated goal of acquiring 5% of ETH’s total supply is unprecedented in scale and ambition. If achieved, it would represent a significant concentration of staking power and influence within Ethereum’s proof-of-stake ecosystem.

Whether BitMine is paving the way for a new class of institutional ETH holders or simply riding the wave of speculative fervor, one thing is clear: Ethereum is now firmly on the radar of corporate treasuries, and the race for digital dominance is no longer limited to Bitcoin.