BitMine’s ETH Holdings Top $2B, Fueling Rally as Firm Targets 5% of Ether Supply

Ether (ETH) extended gains on Thursday after BitMine Immersion Technologies (Nasdaq: BMNR) revealed its ETH treasury had surpassed $2 billion—just over two weeks after completing a $250 million private placement.

In a July 24 press release, the company disclosed it had acquired 566,776 ETH at an average purchase price of $3,643.75, marking a major milestone in its plan to accumulate and stake 5% of the circulating ether supply.

“We crossed $2 billion in ETH holdings only 16 days after the close of our private placement,” said BitMine Chairman Tom Lee, who also heads research at Fundstrat. CEO Jonathan Bates added that the firm seeks to drive ETH-per-share value through a combination of staking income, capital markets activity, and strategic treasury management.

BitMine describes its strategy as “asset-light,” blending internally generated cash flows with external capital to scale its ETH holdings while retaining operational flexibility.

The company also announced on Wednesday that equity options tied to BMNR shares had begun trading on the NYSE Options Market. The options, offering various expiries and strike prices, are intended to expand market access and investor participation. Lee called the development “a major milestone” for institutional engagement.

Ether’s price action reflects growing institutional appetite. On Thursday, Bloomberg ETF analyst Eric Balchunas noted BlackRock’s iShares Ethereum Trust (ETHA) had surpassed $10 billion in AUM just one year post-launch. ETHA doubled its assets in 10 days, making it the third-fastest ETF to cross the $10B threshold after IBIT and FBTC.

BitMine shares rallied in early trading, rising as much as 15.7% to $45.70 before settling at $42.64 by midday, up 7.9% on the session. The stock has been in a sustained uptrend, mirroring enthusiasm over the company’s aggressive ETH accumulation strategy.

At last check, Ether was trading at $3,755, up 4.1% on the day and nearly 55% over the past month, per CoinDesk data.

Technical Analysis Summary

• Over the 23-hour period ending July 24 at 14:00 UTC, ETH traded in a $154.68 range, from a high of $3,666.09 to a low of $3,511.41—a 4.26% intraday swing.
• Price rebounded from the $3,530–$3,545 support zone after multiple failed breakdowns.
• A sharp reversal occurred between 06:00–07:00 UTC, accompanied by strong volume.
• ETH held above the $3,600 mark throughout the session, indicating steady demand and signaling potential for near-term consolidation.
• The final hour saw a minor pullback to $3,626.83 after a brief rejection near $3,650, as sell pressure increased.