Ether Climbs 4% Amid BitMine’s Aggressive Treasury Accumulation Strategy

BitMine’s ETH Holdings Exceed $2B as Company Advances Toward 5% Supply Target

BitMine Immersion Technologies (Nasdaq: BMNR) has revealed it now holds more than $2 billion in ether (ETH), just over two weeks after closing a $250 million private placement aimed at scaling its ETH treasury strategy.

According to a company release dated July 24, BitMine has accumulated 566,776 ETH at an average purchase price of $3,643.75. The acquisition brings the firm significantly closer to its long-term goal of controlling 5% of Ethereum’s total circulating supply.

“This milestone underscores our conviction in Ethereum’s long-term value and BitMine’s capital efficiency,” said Tom Lee, BitMine chairman and CIO of Fundstrat. CEO Jonathan Bates added that the company intends to enhance ETH-per-share metrics through staking yields, capital markets exposure, and active treasury management.

BitMine’s strategy emphasizes ETH accumulation without heavy infrastructure investment. The company leverages internal cash flow and external capital to grow its holdings while maintaining financial flexibility.

Separately, BitMine announced that options contracts on its Nasdaq-listed shares have begun trading on the NYSE Options Market under the ticker BMNR. The new derivatives are expected to broaden investor participation and offer more ways to express views on the firm’s Ethereum-centric growth thesis.

Institutional demand for ETH continues to rise. BlackRock’s iShares Ethereum Trust (ETHA) surpassed $10 billion in assets under management (AUM) within a year of launch, according to Bloomberg analyst Eric Balchunas. ETHA doubled AUM from $5 billion to $10 billion in just 10 days, becoming one of the fastest-growing ETFs on record—only behind BlackRock’s IBIT and Fidelity’s FBTC.

Shares of BitMine rose as much as 15.7% Thursday to an intraday high of $45.70 before trimming gains to $42.64 by midday. The stock remains up 7.9% on the session, fueled by investor enthusiasm around the firm’s growing ETH reserves and capital markets activity.

ETH Market Action (as of July 24)

• Current Price: $3,755 (+4.1% 24H)
• Weekly Performance: +9.2% | 30-Day: +54%
• Trading Range (July 23–24): $3,511 to $3,666
• Price held key support near $3,530, with intraday resistance seen near $3,650, per CoinDesk Research.