BitMine Immersion Technologies Emerges as Ethereum’s Largest Public Holder with $2 Billion Stash

BitMine Immersion Technologies (BMNR) has cemented its status as the largest publicly traded holder of Ethereum (ETH), boasting a portfolio valued at over $2 billion as of July 2025. The company's disclosed holdings of 566,776 ETH, acquired at an average price of $3,643 per token, now exceed the combined reserves of the Ethereum Foundation and Coinbase. This strategic accumulation positions BitMine to potentially stake 5% of Ethereum's total supply, a move that could significantly influence the network's security and decentralization. With SharpLink trailing behind, BitMine's dominance underscores the growing institutional confidence in Ethereum's long-term value proposition. The company's aggressive accumulation strategy reflects a bullish outlook on ETH's future, particularly as the cryptocurrency continues to evolve with upgrades like Ethereum 2.0. This development marks a pivotal moment for Ethereum's ecosystem, as large-scale holders like BitMine play an increasingly critical role in shaping its trajectory.

BitMine Immersion Aims to Stake 5% of Ethereum’s Supply as Holdings Exceed $2 Billion

BitMine Immersion Technologies (BMNR) has solidified its position as Ethereum's largest publicly traded holder, with its ETH portfolio now valued at over $2 billion. The company disclosed holdings of 566,776 ETH, acquired at an average price of $3,643 per token—surpassing the combined reserves of the ethereum Foundation and Coinbase.

Strategic ETH Reserves data shows BitMine now leads SharpLink, the second-largest holder, by a margin of 200,000 ETH. Chairman Thomas Lee reaffirmed the firm's ambition to control 5% of Ethereum's circulating supply, a target he called "achievable" through its accumulation strategy. Currently, BitMine stakes 0.46% of the network.

Ark Invest's Cathie Wood has backed the firm with $170 million in equity investments, citing its potential to shape DeFi and on-chain capital markets. "Digital asset treasury companies are becoming systemic players," Wood noted in a recent statement.

Ethereum Staking Crisis: 9-Day Unstaking Queue Hits Second-Longest Wait in Post-Merge History

Ethereum's validator exit queue ballooned past 475,000 this week, creating a nine-day backlog for unstaking requests—the second-worst congestion since the Merge. Galaxy Digital Research pinpoints the liquidity crisis to a cascading unwind of Leveraged stETH positions, triggered by a single entity's capital rotation.

The domino effect began when a wallet linked to HTX exchange (formerly Huobi) withdrew substantial ETH from Aave, cratering platform liquidity. Borrow rates skyrocketed from 3% to 18% overnight, turning stETH looping strategies—where users repeatedly borrow ETH to acquire more stETH—into loss-making ventures.

Two exit paths emerged: distressed traders either dumped stETH on AMMs, depressing its peg by 30-60 basis points, or flooded the validator redemption queue. Despite May's Pectra upgrade increasing exit capacity to 12 validators per epoch, demand overwhelmed supply. The resulting delay created a vicious cycle—as wait times grew, arbitrage opportunities widened, exacerbating the liquidity crunch.

Ethereum's Fusaka Hard Fork Focuses on Performance Upgrades, Skips User Features

Ethereum's next major upgrade, Fusaka, is slated for November 2025 with a deliberate shift toward backend optimizations rather than consumer-facing changes. The hard fork bundles 11 technical EIPs—including EIP-7825 for node security—targeting gas efficiency, client resilience, and scalability under growing network demand.

This marks a strategic pivot from Pectra's account abstraction enhancements, emphasizing infrastructure readiness over flashy upgrades. Core developers are accelerating Ethereum's release cadence, with Fusaka arriving just six months after its predecessor—a testament to the network's maturation process.

Ethereum Price May Be Done Cooling, 47% Upside Now in Play

Ethereum's price action suggests the cooling-off phase may be ending. After trading sideways, ETH shows signs of renewed momentum, currently trading NEAR $3,720 with a 3.77% daily gain. Institutional activity appears to be driving this shift.

Whale accumulation is accelerating, with five new wallets acquiring 106,000 ETH worth $397 million—primarily through OTC desks like FalconX. Exchange outflows continue unabated, with Kraken seeing significant withdrawals. The supply-demand dynamic grows increasingly tight: treasury desks purchased 382,000 ETH in 24 hours against just 2,473 ETH issued.

ETF-related demand compounds the supply crunch. Market structure now favors bulls, with more ETH being removed from circulation than created. When fundamentals and technicals align this way, breakouts tend to follow.

GameSquare Acquires Rare CryptoPunk NFT for $5.15M, Plans to Use It as Treasury Asset

GameSquare, a digital media company with an Ethereum treasury strategy, has purchased a rare CryptoPunk NFT for $5.15 million worth of preferred shares. The NFT, featuring 'Cowboy Hat' and 'Ape' traits, is among the 24 rarest in the iconic collection. Acquired from Compound founder Robert Leshner, the purchase underscores institutional interest in high-value NFTs as strategic assets.

The company plans to leverage the NFT as a yield-bearing asset and cultural symbol, marking one of the first public firms to adopt such a strategy. GameSquare's Ethereum holdings, valued at $48 million as of Thursday, highlight its bullish stance on crypto assets. The move reflects broader trends of institutional adoption and innovative treasury management in the digital asset space.

Ethereum Holds Steady Above $3,700 Amid Market Volatility, $4,200 Target in Focus

Ethereum (ETH) demonstrates resilience, maintaining its position above the $3,700 threshold despite recent market fluctuations. Analysts interpret the current consolidation phase as a necessary breather before the next potential upward surge.

Technical indicators reveal ETH's recent rejection at the weekly 0.786 Fibonacci level near $3,525, now acting as resistance. The 1-hour Relative Strength Index (RSI) at 50.40 suggests neutral territory, neither overbought nor oversold.

Market sentiment remains cautiously optimistic, with traders eyeing the $4,200 price target. The asset's ability to hold above key support levels signals underlying strength, even after breaking below its previous ascending channel pattern.