ETH Rallies on News That BitMine Aims to Acquire 5% of Total Ether Supply

BitMine Surpasses $2B in Ether Holdings, Accelerates Push to Acquire 5% of Supply

BitMine Immersion Technologies (Nasdaq: BMNR) announced Thursday that its Ether (ETH) holdings have exceeded $2 billion, underscoring the firm’s aggressive treasury strategy just 16 days after closing a $250 million private placement.

According to the company’s July 24 disclosure, BitMine has purchased 566,776 ETH at an average cost of $3,643.75. The move brings the company closer to its target of acquiring and staking 5% of the total circulating ETH supply.

“We’ve crossed the $2 billion milestone within weeks,” said Chairman Tom Lee, also Head of Research at Fundstrat. CEO Jonathan Bates noted that BitMine intends to generate long-term value through a blend of staking yields, capital markets exposure, and active treasury management.

BitMine’s strategy is described as “asset-light,” relying on both internally generated cash flow and strategic external funding to scale ETH accumulation without overextending its balance sheet.

In a parallel announcement, the company revealed that BMNR equity options have begun trading on the NYSE Options Market. These options, featuring a variety of expirations and strike prices, are designed to expand investor access and offer new vehicles for directional positioning. Lee called the listing a “major milestone” that supports broader market participation.

The announcement coincides with increasing institutional demand for Ethereum. BlackRock’s iShares Ethereum Trust (ETHA) has now crossed $10 billion in assets under management, according to Bloomberg’s Eric Balchunas. ETHA doubled its AUM from $5 billion in just 10 days, ranking among the fastest ETFs to hit that mark, following only IBIT and FBTC.

BitMine’s shares responded positively, climbing as much as 15.7% to $45.70 before trimming gains to $42.64 by midday. The stock is up 7.9% on the session and remains in an upward trend fueled by the company’s ETH strategy.

ETH itself was last trading at $3,755, a 4.1% gain on the day, bringing its 30-day rally to over 54%, according to CoinDesk data.

Technical Breakdown: ETH Price Action

Over the 23-hour period ending July 24 at 14:00 UTC, ETH moved within a $154.68 range, hitting a high of $3,666.09 and a low of $3,511.41.
A firm rebound followed repeated breakdown attempts near $3,530–$3,545, with strong volume driving the bounce.
The token remained above the key $3,600 threshold, showing consistent demand and hinting at consolidation ahead.
A final-hour dip saw ETH fall to $3,626.83, following a failed attempt to reclaim $3,650 as selling pressure picked up.