BitMine Immersion’s ETH Holdings Reach $2B After 700% Surge

BitMine increased its treasury to 566,776 ETH, valued at approximately $2.07 billion (based on current market prices), in just over two weeks. The firm’s ETH holdings grew more than sevenfold since closing the $250 million PIPE financing on July 7.

The rapid accumulation makes BitMine one of the largest corporate holders of Ethereum, growing from approximately 70,000 ETH before the PIPE round. The company’s leadership has set an ambitious goal to eventually hold and stake 5% of Ethereum’s total supply.

Tom Lee, BitMine’s chairman, said direct ETH acquisitions amplified the impact of the initial PIPE proceeds, enabling the firm to deploy capital quickly amid volatile markets. BitMine’s stock (BMNR) gained following the announcement, reflecting investor confidence in the accumulation strategy.

The company plans to stake its Ethereum holdings to earn rewards through the proof-of-stake consensus mechanism. Ethereum transitioned to proof-of-stake in 2022, allowing large holders to earn staking rewards by validating network transactions.

BitMine’s average acquisition price implies purchases occurred during recent market fluctuations. The company bought ETH across multiple transactions rather than single large purchases, according to blockchain data.

The accumulation strategy follows similar treasury decisions by other crypto-focused firms. SharpLink and similar companies have expanded their ETH holdings in recent months as institutional interest in Ethereum has increased.

BitMine operates as a Bitcoin mining company but has expanded its focus to include Ethereum holding and staking operations. The firm trades on the OTCQB market and reported limited revenue from traditional Bitcoin mining operations in its most recent quarterly filing.

The company has not disclosed specific timelines for additional ETH purchases or how much of its current holdings it plans to stake. BitMine indicated it will continue evaluating market conditions for further accumulation opportunities.

The 566,776 ETH represents approximately 0.47% of Ethereum’s total supply. BitMine would need to accumulate roughly 6 million ETH to reach its stated goal of holding 5% of the total supply.

Ethereum currently trades above $3,600, near multi-month highs following increased institutional adoption and regulatory clarity around digital assets.