BitMine becomes largest corporate Ether holder after $2B ETH buying spree

Bitcoin mining firm BitMine Immersion Technologies has solidified its position as the largest corporate Ether holder, acquiring 566,776 ETH worth over $2.03 billion in just 16 days.

The aggressive accumulation puts BitMine ahead of competitors like SharpLink Gaming and the Ethereum Foundation in a growing trend of companies hoarding ETH as a strategic reserve asset.

BitMine’s audacious 5% ETH supply goal

Tom Lee, managing partner of FundStrat and chairman of BitMine, confirmed the company’s ambition to stake 5% of Ether’s total supply—roughly 6 million ETH, valued at $22 billion.

“We’re well on our way to achieving our goal,” Lee stated in a Thursday announcement.

The move dwarfs MicroStrategy’s Bitcoin holdings; Michael Saylor’s firm owns 2.9% of BTC’s supply. Unlike Bitcoin’s fixed cap, Ether’s supply fluctuates, adding complexity to BitMine’s target.

Key Data:

• BitMine now holds 566,776 ETH ($2.03B).

• SharpLink Gaming follows with 360,807 ETH ($1.3B).

• Ethereum Foundation ranks third with 237,500 ETH.

Why companies are racing to become the largest corporate Ether holder

The largest corporate Ether holder title, analysts say, will be more keenly contested as 2025 wears on. BitMine’s stock (BMNR) surged 3,000% to $135 after its ETH pivot, while SharpLink Gaming (SBET) rose 171%. Analysts attribute the rallies to investor confidence in ETH’s long-term value as a yield-generating asset.

“Ether’s dual role as a staking asset and DeFi backbone makes it irresistible for corporate treasuries,” said Clara Medina, crypto strategist at Bernstein. “BitMine’s gamble reflects a broader institutional shift.”

Market Context:

• 61 strategic reserves hold 2.31M ETH ($8.46B), per Strategic Ether Reserves.

• 

  Bitcoin’s corporate holdings are far larger: 3.4M BTC ($408B) across 206 firms.

Risks of the ETH treasury boom

While BitMine’s ascent as the largest corporate Ether holder has thrilled investors, critics warn of overconcentration and liquidity risks. ETH’s inflationary/deflationary mechanism adds uncertainty, unlike Bitcoin’s predictable supply.

“Corporate treasuries betting on ETH must navigate staking lock-ups and regulatory scrutiny,” noted Raj Patel, a blockchain economist at MIT. “This isn’t just a buy-and-hold game.”

Stock Volatility:

• BitMine’s shares have since retreated 40% from July’s peak.

• SharpLink Gaming faces similar volatility amid ETH price swings.

BitMine’s $2B spending spree cements its status as the largest corporate Ether holder, but the race is far from over. With rivals like SharpLink Gaming adding 79,949 ETH in a single day, the battle for ETH dominance could reshape crypto markets and corporate balance sheets for years to come.