BitMine's Rapid Rise Puts It At The Forefront Of Ethereum Holders
BitMine Immersion Technologies has quickly become a major player in the Ethereum space, now holding 833,133 ETH tokens worth approximately $3 billion.
The miner’s aggressive accumulation started just over a month ago, with the firm launching its Ethereum treasury strategy on 30 June and completing the initial phase by 8 July.
This rapid build-up places BitMine as the largest corporate Ethereum treasury and third overall in crypto holdings, behind only MicroStrategy and MARA Holdings.
How Did BitMine Build The World’s Largest Ethereum Treasury So Fast?
Chairman Tom Lee, who is also Fundstrat Global Advisors’ Head of Research, highlighted the company’s swift move into Ethereum accumulation.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH growing our ETH holdings to over 833,000 from zero 35 days ago.”
This strategy has distinguished BitMine from rivals such as SharpLink Gaming, which holds 438,200 ETH, and The Ether Machine with 345,400 ETH.
The firm’s push coincided with significant market activity, including a recent Ether price surge to \$3,730 before settling back near $3,650.
BitMine’s accumulation has been so decisive it has surpassed long-established entities like the Ethereum Foundation, which holds 232,600 ETH.
Institutional Support Boosts BitMine’s Ambitions
Backing from notable investors is playing a vital role in BitMine’s rise.
Billionaire Bill Miller III recently took a significant stake in the company.
Miller, who invested in MicroStrategy’s Bitcoin strategy in late 2020, commented:
“What is intriguing is BitMine is set to be very profitable once the Company turns on ETH staking.”
Other institutional supporters include Stanley Druckenmiller, ARK Invest’s Cathie Wood, Pantera Capital, Kraken, Digital Currency Group, and Galaxy Digital.
This blend of investment veterans and crypto-focused funds signals growing confidence in Ethereum’s long-term potential.
Tom Lee himself described Ethereum as one of the “biggest macro trends for the next 10-15 years,” underlining the firm’s belief in sustained growth.
Stock Buyback Adds Another Layer To BitMine’s Strategy
Alongside its Ethereum purchases, BitMine recently announced a $1 billion stock buyback programme.
This initiative came as its ETH holdings surged past 625,000 tokens, valued at $2.3 billion at that time.
Lee described the buyback as a flexible tool to optimise capital allocation while the company pursues its goal of holding 5% of Ethereum’s total supply.
$BMNR announces $1B stock repurchase program.
“In our road to achieving 'the alchemy of 5%' of $ETH, there may be times when the best expected return of our capital is to acquire our own shares.”
Tom Lee, Chairman of BitMine. pic.twitter.com/HOqTfYZ31j
— maxxTFSA (@maxxTFSA) July 29, 2025
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The market has reacted strongly to these moves.
Since early July, BitMine’s shares have jumped over 3,000%, reflecting investor enthusiasm for the firm’s aggressive treasury-building and growth plans.
The company’s stock options began trading on the New York Stock Exchange last month, further increasing market participation.
How Far Will BitMine Go In Its Ethereum Accumulation Strategy?
With its fast-growing Ethereum treasury and a high-profile investor base, BitMine is positioning itself as a dominant force in the space.
Its CEO forecasts further gains in August, citing potential shifts in U.S. monetary policy and easing Federal Reserve measures that could lift both equity and crypto markets.
BitMine’s growing crypto reserves not only represent a bet on price appreciation but also an intention to be a key player in Ethereum’s evolving ecosystem.
The firm’s rapid scaling and strategic moves are attracting attention as it closes in on its ambitious target of acquiring 5% of Ethereum’s total supply.