BitMine’s ether stash exceeds $1 billion in corporate Ethereum treasury sprint

BitMine Immersion Technologies said its ether holdings topped 300,000 ETH valued at over $1 billion, making the crypto‑miner the largest publicly traded corporate holder of the second-largest crypto by market cap as of July 17.

The NYSE American-listed company (ticker BMNR) disclosed that it now controls 300,657 in ETH and ether equivalents after deploying more capital than it raised from its initial private share placement.

BitMine began its ether accumulation in late June and reported raising $250 million from a PIPE sale. The firm noted holding around $500 million worth of ETH only three days ago , and says that it has now exceeded its PIPE proceeds by over 300%, according to a Thursday statement .

BitMine’s approach mirrors Strategy’s bitcoin-heavy balance sheet, but focuses on ether, which is trading near $3,420 after a 35% year-to-date run-up, according to The Block’s price page.

Investor interest in the strategy has been growing. A regulatory filing this week revealed tech billionaire Peter Thiel’s Founders Fund had taken a 9.1% stake in BitMine, sending shares up nearly 27% during pre-market hours on July 16.

Multiple firms have adopted an Ether-based corporate treasury and are competing for the position of the largest publicly listed holder of the cryptocurrency. BitMine's latest disclosure means it has leapfrogged Minnesota-located SharpLink gaming at the top of the pile for now. SharpLink had previously topped the list on July 15, after announcing it held 280,706 ETH , now worth over $962 million. Both firms own more ether than the Ethereum Foundation.

Yahoo Finance data shows BMNR shares appreciated on the news, up over 7% just before U.S. markets opened.