BitMine now holds over $2 billion worth of Ethereum, becoming the single biggest ETH holder in the world. This was confirmed when the company’s ETH stash hit 566,776, valued at $3,643.752 per coin.
The surge comes just sixteen days after BitMine closed a $250 million private placement on July 8, the first major step in what it calls its asset-light treasury strategy.
BitMine’s chairman, Thomas “Tom” Lee, who also co-founded Fundstrat, said the company isn’t slowing down. “At BitMine, we surpassed $2 billion in ETH holdings, just sixteen days after closing on the initial $250 million private placement,” Tom said. “We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
That 5% target equals nearly six million ETH, and BitMine says they’re actively working toward it.
BitMine plans to hold through diverse Ethereum setups
BitMine’s strategy focuses on growing ETH held per share. They plan to do this by using company cash flows, smart capital market moves, and earnings from staking. Volatility, according to them, is an opportunity, not a problem.
And they say their strategy also counts on ETH’s price gains to help grow the value of what they already hold. CEO Jonathan Bates doubled down on this focus. “We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy,” Jonathan said.
Meanwhile, Ethereum itself is breaking out. After rising past $3,800, analysts say the chart now looks a lot like 2016-2017, just before the coin jumped 5,000% in less than twelve months. In that earlier cycle, ETH struggled for months while Bitcoin took the spotlight, then dropped almost 50%, faked out traders twice, and finally blasted through resistance.
That same setup appears to have played out again. Crypto analyst Merlijn The Trader shared a comparison chart on X (formerly Twitter), showing nearly identical price patterns: a long range, two fakeouts, a sharp dip, and now a breakout. In 2017, ETH moved from under $8 to more than $250 within a year. If the pattern repeats in 2025, ETH could hit $40,000.
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