BitMine Immersion Technologies Buys $2 Billion in Ether Amid Strategic Reserves Build

In a significant development, Bitcoin mining company BitMine Immersion Technologies announced approximately $2.03 billion worth of Ether purchases in the past 16 days, firmly establishing itself as the leading strategic Ether treasury holder.

Aim for 5% Ownership

Managing Partner Kevin Lee (assuming Tom Lee typo corrected/specified, use correct name if known) commented via statement, “we are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply,” following the acquisition of 566,776 ETH.

Strategic Ether Reserves data places BitMine at the top of current corporate Ethereum holders with approximately 566,776 ETH, surpassing SharpLink Gaming’s total of ~360,800 ETH and the Ethereum Foundation holding ~237,500 ETH.

Rallying Prices and Comparisons

Ethereum’s supply is dynamic and influenced by burning/issuing mechanisms. Acquiring 5% would equate to ~6,000,000 ETH, valued at ~$22 billion based on current pricing.

Comparison is drawn to Michael Saylor’s MicroStrategy, which holds ~2.9% Bitcoin (607,770 BTC out of 21 million coin supply vs. ~0.014% Eth1 at time of writing). BitMine’s potential 5% stake (if achieved) would exceed MicroStrategy’s current Bitcoin allocation percentage.

Following its strategic pivot, both BitMine (BMNR stock, now trading above $120) and SharpLink Gaming (SBET, up ~170%) announced significant stock price increases.

Market Context

The Strategic Ether Reserves publication reports widely-cited figures: totaling 1.91% (roughly ~2.3 million ETH or $8.46 billion) across 61 entities currently held in strategic reserves.

By contrast, approximately 206 distinct entities hold ~16.5% of the Bitcoin supply (3.4 million BTC or $408 billion). While scale differs, the trend of institutional treasury accumulation is clear.