BitMine Immersion’s ETH stash doubles to more than $2 billion in corporate Ethereum treasury race

BitMine Immersion Technologies claims to now control 566,776 ETH worth $2.04 billion, up from 300,657 coins just two weeks ago, positioning the firm as the largest publicly traded holder of Ethereum’s native token as of July 24.

The NYSE American–listed miner  (BMNR) disclosed on Thursday that it has exceeded its initial $250 million in proceeds from an at‑the‑market equity program by 700%. The news follows investments from Peter Thiel's Founders Fund and Cathie Wood's ARK Invest, fresh cash injections that are expected to provide funding for ether purchases. The milestone suggests that BitMine purchased approximately 266,109 ETH for over $1 billion since July 15. 

"We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply,” Thomas Lee, BitMine chairman and Fundstrat head of research, said in a press release.

The rapid buildout intensifies a balance‑sheet arms race among crypto treasury firms. On Monday, SharpLink Gaming raised $96.6 million via fresh share sales and bolstered its total ether holdings to 360,807 ETH, worth approximately $1.3 billion, briefly expanding the gap between competitors. BitMine’s hoard now exceeds SharpLink’s by more than $700 million, according to its latest disclosure.

More companies like The Ether Machine plan to tap public markets to raise capital and accumulate ETH for their balance sheets. Bitwise CIO Matt Hougan said the Strategy-style trend could allocate up to $20 billion, along with spot ether ETFs, to crypto's second-largest asset over the next year.

ETH is up 3% to around $3,771, according to The Block's price page, while BMNR increased by almost 3% after the announcement.