BitMine Rockets to Top of Ethereum Holdings with $2.9B Accumulation in 35 Days
BitMine becomes largest corporate ETH holder, overtaking SharpLink with $2.9B in Ethereum just 35 days after launching its strategy.
In a staggering demonstration of speed and scale, BitMine Immersion Technologies has catapulted itself from zero to the top of the Ethereum corporate holdings chart, amassing over $2.9 billion worth of ETH in just 35 days. With 833,137 ETH now under management, the Las Vegas-based company has officially dethroned SharpLink as the world’s largest institutional holder of Ethereum.
Launched on June 30 and finalized by July 8, BitMine’s ETH strategy was executed with unprecedented velocity. The average acquisition price was $3,491.86 per ETH, based on Bloomberg data. BitMine now ranks not only as the largest Ethereum treasury globally but also as the third-largest crypto treasury—trailing only Strategy and Mara Blockchain.
Tom Lee, the well-known Fundstrat analyst and Chairman of BitMine, commented on the achievement: “BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH,” referencing the company’s goal to accumulate a significant portion of the asset. “What differentiates us is not just the scale, but the velocity and liquidity of our execution.”
BitMine’s stock performance has echoed this momentum. Averaging $1.6 billion in daily trading volume, it now ranks 42nd among all U.S.-listed companies by volume—just behind Uber Technologies. The company’s market cap sits at $3.56 billion, with shares trading at $31.68.
Backing from top investors such as Bill Miller III and a strategic philosophy echoing Michael Saylor’s Bitcoin approach have added credibility to BitMine’s crypto-forward treasury model. “The best management teams make rational, evidence-based decisions and allocate capital with discipline,” Miller noted.
SharpLink, the previous leader, now holds 438,200 ETH ($1.56B), followed by The Ether Machine with 334,800 ETH ($1.19B). Other notable ETH holders include the Ethereum Foundation, PulseChain Sac, Coinbase, Bit Digital, and the U.S. Government.
BitMine’s meteoric rise underscores a broader trend: institutional appetite for Ethereum is no longer speculative—it’s strategic. As public companies look to diversify treasury reserves, Ethereum is rapidly becoming the digital asset of choice.
