BitMine Immersion Technologies has revealed that its Ethereum (ETH) holdings now exceed $2 billion. The company recently secured $250 million in a private placement on July 8th as part of its asset-light treasury strategy.
As of July 23rd, BitMine owns 566,776 ETH, valued at $3,643.75 ETH.
“We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy.” Jonathan Bates, CEO of BitMine, states in a press release.
The latest trend of ETH acquisition comes amid ongoing upward momentum in the cryptocurrency market, including ETH. At the time of writing, ETH is trading at around $3,623 with a 6.28% hike, thanks to its impressive market capitalization of $438.31 billion.
BitMine Plans to Ethereum Holdings
The company is preparing to increase its ETH holdings per share by investing cash flows, leveraging capital markets, and earning staking rewards. BitMine also plans to take advantage of market volatility to reduce costs while growing its Ethereum treasury.
In a press release, the company announced that its strategy is to focus on long-term value growth through the accumulation of ETH and yield generation. The price of ETH directly impacts the company’s holdings, which makes market performance a key factor in its treasury expansion.
Thomas “Tom” Lee of Fundstrat, Chairman of BitMine’s Board of Directors, stated in a press release that “At BitMine, we surpassed $2 billion in ETH holdings, just sixteen days after closing on the initial $250 million private placement. We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
This revelation comes after major players with ETH holdings took an aggressive stance to boost their ETH stash, which shows increased market confidence. Companies like SharpLink have significantly increased their ETH portfolio, now holding 360,807 ETH as of July 20, 2025, a 29% weekly increase.
The company acquired 79,949 ETH at an average price of $3,238, which makes it the largest single-week purchase since launching its Ethereum treasury strategy in early June 2025. Additionally, SharpLink earned 567 ETH in staking rewards, further boosting its holdings.
“We continue to strategically use our ATM facility to grow Ethereum reserves as part of our long-term growth objectives. The asset’s strong position and our ability to purchase large volumes at favorable prices support our goal of increasing Ethereum concentration and shareholder value through disciplined execution of our treasury strategy,” SharpLink Chairman Joseph Lubin said.
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