BitMine Gobbles $2B in Ether in Just 16 Days—Pioneering the ETH Treasury Rush
Move over, Bitcoin maximalists—Ethereum's corporate adoption just got a adrenaline shot. BitMine's $2 billion ETH shopping spree signals a tectonic shift in how institutions view crypto treasuries.
Why hoard cash when you can HODL Ether?
The 16-day buying frenzy puts traditional treasury management to shame—imagine a Fortune 500 CFO moving that fast without three consultancies and a PowerPoint deck. Meanwhile, ETH bulls are grinning: 'Told you so' just got a $2B receipt.
Cynical footnote: Watch legacy finance 'discover' crypto liquidity advantages right after their next repo market panic.
BitMine Aims to Stake 5% of Total Ether Supply, Says Chairman Tom Lee
Tom Lee, managing partner at FundStrat and chairman of BitMine, said the firm is targeting an ambitious goal — to acquire and stake 5% of the total Ether supply.
At today’s estimates, that WOULD amount to roughly six million ETH, or about $22 billion. Ether’s supply is elastic due to its burn mechanism, making this a moving target.
If successful, BitMine would control a larger share of Ether than MicroStrategy holds in Bitcoin. Michael Saylor’s firm owns 607,770 BTC, or 2.9% of Bitcoin’s capped 21 million supply.
BitMine’s rapid accumulation has flipped SharpLink Gaming, which recently announced a 79,949 ETH purchase, bringing its total holdings to 360,807 ETH, valued around $1.3 billion.
The ethereum Foundation ranks third among treasury holders with approximately 237,500 ETH.
two companies are buying ETH like CRAZY
– Bitmine holds $2.12 billion in ETH
– SharpLink holds $1.35 billion in ETH
the Ethereum Foundation is the 3rd largest holder
ETH IS GOING TO $20,000 THIS CYCLE! pic.twitter.com/cQxx7Y6MRG
The trend has fueled surging valuations. BitMine shares (BMNR) soared more than 3,000% to $135 following its Ether pivot in early July.
SharpLink’s (SBET) stock spiked 171% to $79.21 after revealing similar plans in May.
According to Strategic Ether Reserves, 61 entities now collectively hold 2.31 million ETH — around 1.91% of the total supply, valued at $8.46 billion.
While that figure pales in comparison to Bitcoin, where 206 companies control over 3.4 million BTC worth $408 billion, Ether treasuries are gaining ground fast.
Crypto Treasuries Aren’t Really Buying Crypto
A growing number of publicly traded companies are raising hundreds of millions of dollars to build crypto treasuries, but one analyst says many aren’t actually buying digital assets from the open market.
As reported, crypto analyst Ran Neuner claimed that crypto treasury firms are acting less like buyers and more like exit vehicles for crypto insiders.
Instead of purchasing assets directly from exchanges, these companies often receive crypto contributions from existing holders, in exchange for shares that later trade at massive premiums on public markets.
Skepticism around the sustainability of the crypto treasury trend is also growing.
Last month, Glassnode lead analyst James Check raised concerns over the longevity of the corporate bitcoin treasury strategy, arguing the easy gains might already be gone for new entrants as the market matures.
The warning echoes recent comments from Matthew Sigel, head of digital asset research at VanEck, who has voiced concerns over the Bitcoin treasury strategies adopted by some publicly traded firms.
