BitMine Hits $1B in ETH, Aims for 5% of Supply

BitMine now holds over $1B in ETH and plans to grab 5% of the total supply, signaling strong long-term belief in Ethereum.

Big names like Tom Lee and Peter Thiel are backing BitMine, causing shares to surge and fueling hype in ETH-focused stocks.

With Robinhood’s tokenized stocks, Circle’s IPO, and bullish laws, Ethereum is gaining traction as a go-to treasury asset.

BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, has officially crossed $1 billion in Ethereum holdings. The company now holds 300,657 ETH, purchased at an average of $3,461.89 per coin. This milestone comes just a week after BitMine closed its $250 million private placement on July 8. The rapid accumulation shows BitMine's aggressive strategy toward becoming the Ethereum equivalent of MicroStrategy.

Tom Lee confirmed that BitMine aims to secure 5% of Ethereum's total supply. That equals roughly 6 million ETH based on current circulation. BitMine plans to achieve this through a mix of capital markets activity, staking yields, and ETH price growth. The firm believes that accumulating ETH will generate long-term value, much like early Bitcoin strategies did for large miners.

Institutional Confidence Sparks Market Reactions

Jonathan Bates, BitMine’s CEO, highlighted the move as a “clear signal of conviction in Ethereum’s long-term value.” The company’s strategy focuses on asset-light treasury operations that revolve around crypto accumulation and staking. BitMine also mines Bitcoin, offers hashrate as a financial product, and advises public companies on Bitcoin-related strategies.

Shares of BitMine surged 12% following the announcement. At one point, the stock jumped 29%, partly driven by Peter Thiel’s Founders Fund acquiring a 9% stake. Other ETH-focused firms saw similar spikes. SharpLink Gaming gained 29%, and Bit Digital rose 19% after recently exiting Bitcoin mining to pursue ETH treasury accumulation.

Macro Tailwinds Push ETH Demand Higher

The Ethereum ecosystem is also seeing renewed excitement. Robinhood’s decision to support tokenized U.S. stocks and ETFs in Europe boosted interest. Meanwhile, the successful Circle IPO and stablecoin-friendly legislation like the GENIUS Act continue to fuel bullish momentum.

Moreover, Ethereum’s utility as a yield-generating asset through staking aligns with institutional strategies. BitMine’s billion-dollar bet reinforces the narrative that ETH is evolving into a core treasury asset.

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