BitMine Immersion Technologies has recently unlocked a major milestone. The U.S.-based Bitcoin mining firm announced that it has surpassed $2 billion in Ether holdings. According to the company, the new development follows its completion of a $250 million private placement in early July.
Bitmine updated ETH holdings:
– 566,776 tokens
– value exceeds $2 billion
– as of 11:59pm ET July 23, 2025Ticker: $BMNR
Chairman: Tom Lee @fundstrat
follow us at @BitMNR https://t.co/ZCGQhlrVy0— Bitmine BMNR (@BitMNR) July 24, 2025
Why Acquire Over $2B Ether?
According to its official press release, BitMine now controls 566,776 ETH, valued at approximately $2.06 billion. Interestingly, bolstering its ETH treasury marks it as the publicly listed firm to have the largest Ether reserve. The company plans to position ETH as its primary treasury asset, shifting from its traditional Bitcoin-focused model.
The firm believes that the Ethereum blockchain grants access to new revenue streams via staking. It claims that Ethereum’s role as a hub for smart contracts, stablecoin transactions, and tokenized assets makes it well-suited for treasury purposes. Hence, the firm argues that Ether has more growth potential than Bitcoin.
Interestingly, such confidence in Ether has attracted other investors who have made heavy investments in BitMine. Tech billionaire Peter Thiel disclosed a 9.1% stake in BitMine, purchasing 5.09 million shares, which are currently worth over $198 million. ARK Invest also acquired 4.4 million shares of BitMine through its ETFs.
Commenting on its recently achieved milestone, Thomas Lee, Chairman of BitMine’s Board of Directors, said,
“We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.” Its CEO, Jonathan Bates, added, “We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy.”
Other Firms Share BitMine’s Sentiments
Other publicly traded companies have shifted to ETH-focused treasury strategies, indicating a broader institutional trend. SharpLink Gaming has ramped up its Ether holdings to approximately 360,807 ETH, earning 567 ETH in staking rewards since starting its strategy in early June.
Similarly, Bit Digital has transitioned from Bitcoin mining to Ethereum accumulation, now holding approximately 120,300 ETH after a $67 million direct offering. The majority of its holdings are staked through validator operations.
Meanwhile, GameSquare has expanded its crypto treasury program to $250 million, recently purchasing 8,352 ETH, bringing its holdings to 10,170 ETH ($35 million). It has recently launched an innovative NFT-focused yield strategy designed to earn annual returns of 6–10%.
