TLDR
- BitMine added 373,000 ETH tokens in one week, bringing total holdings to 1.52 million tokens worth $6.6 billion
- Share price dropped 14.2% since August 11 despite increasing ETH treasury holdings
- Company now controls 1.3% of total Ethereum supply, making it the largest corporate ETH holder
- BitMine plans $24.5 billion stock sale to acquire more Ether as part of “alchemy of 5%” strategy
- Standard Chartered raised ETH price target to $7,500 for 2025, up from previous $4,000 forecast
BitMine Immersion Technologies has been on an Ethereum buying spree that would make even the most crypto-obsessed retail trader jealous. The company added 373,000 ETH tokens to its treasury in just one week, pushing its total holdings to 1.52 million tokens.
At current prices, that stash is worth approximately $6.6 billion. The move solidifies BitMine’s position as the world’s largest corporate holder of Ethereum, controlling 1.3% of the total coin supply.
But here’s where things get interesting. While BitMine has been loading up on ETH, its stock price has been heading in the opposite direction. Shares have tumbled 14.2% since August 11, the exact period when the company boosted its Ether holdings.
The stock closed Monday at $54, down 7% for the day. This came as ETH itself pulled back from near-record highs, falling below $4,300 and dropping 5% in 24 hours.
Chairman Thomas Lee explained the company’s aggressive accumulation strategy. He said institutional investors have shown interest in BitMine’s ETH holdings approach. The company calls this the “alchemy of 5%” strategy, aiming to acquire 5% of Ethereum’s circulating supply.
“BitMine has benefitted from incoming institutional investor interest in the company, as Ethereum is seen as the place where Wall Street is building the 21st-century banking and payment rails,” company spokesperson Marcy Simon told reporters.
The company isn’t alone in this ETH accumulation race. SharpLink Gaming holds the second-largest corporate position with 729,000 ETH worth about $3.2 billion. The Ether Machine rounds out the top three with 345,000 ETH valued at $1.5 billion.
Corporate ETH Race Intensifies
BitMine and SharpLink have been locked in what looks like an arms race over the past two months. Both companies have been aggressively adding Ether to their corporate treasuries.
BitMine announced Friday it plans to raise $24.5 billion through an at-the-market stock sale. The funds will go toward acquiring more Ether as part of its expansion strategy.
SharpLink hasn’t been sitting idle either. The gaming company completed a $389 million capital raise specifically to purchase more ETH.
Market Dynamics and Price Predictions
The corporate buying frenzy comes at a time when Ethereum is seeing renewed institutional interest. Ether exchange-traded funds captured significant investor attention last week, with trading volumes hitting around $17 billion.
Standard Chartered has taken notice of this institutional momentum. The multinational bank raised its ETH price target to $7,500 for 2025, up from a previous forecast of $4,000.
The bank cited two main reasons for the bullish outlook. First, increased institutional buying activity. Second, wider adoption of stablecoins due to clearer US regulatory guidance.
Ethereum’s recent Pectra upgrade may also be playing a role in price movements. The upgrade aims to improve user experience and introduce new validator features for staking. It also increases data throughput for layer-2 transactions.
Since the upgrade launched on May 7, ETH’s price has climbed from $1,812 to current levels around $4,332. That represents a 139% increase over roughly three months.
Other digital asset treasury companies felt the pressure Monday. SharpLink Gaming dropped 3% while Solana-focused firms DeFi Development and Upexi fell 9% and 6% respectively.
BitMine’s latest SEC filing confirms the company now holds more than 1.5 million ETH, making it the second-largest public corporate crypto owner by value after bitcoin-focused MicroStrategy.
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