Bitmine Immersion Amasses Over $2 Billion in Ethereum, Targets 5% of Total ETH Supply

Bitmine Immersion Technologies has taken another bold step in its ambitious crypto treasury journey, announcing that its Ethereum holdings have surged past the $2 billion mark. As of July 23, the company holds an impressive 566,776 ETH, acquired at an average price of $3,643.75 per token. The announcement comes just weeks after the company completed a $250 million private placement, fueling speculation about Bitmine’s growing role in shaping the Ethereum ecosystem.

A strategic shift toward Ethereum 

What began as a calculated bet on Ethereum is quickly turning into one of the most aggressive institutional accumulation plays in crypto history. Bitmine’s goal, according to its leadership, is nothing short of transformative.

“We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply,” said Tom Lee, Chairman of Bitmine’s Board of Directors. His statement underscores the company’s long-term strategy to intertwine treasury growth with direct blockchain engagement through staking and network participation.

The strategy is centered on maximizing ETH per share, a metric Bitmine uses to measure the true value of its holdings to shareholders. This is achieved by reinvesting cash flows, timing capital raises with market volatility, and generating rewards through Ethereum staking.

The rise of Bitcoin hyper 

While Bitmine focuses on Ethereum, another storyline is quietly developing in South Korea, one that could have major implications for Bitcoin’s ecosystem. Upbit, Korea’s largest cryptocurrency exchange and home to around 4.55 million monthly users, has become a powerful force in shaping domestic coin listings.

Market watchers are now closely following Bitcoin Hyper ($HYPER), a promising Layer 2 project built on Optimism and ZK Rollup technology. Designed to make Bitcoin transactions faster and cheaper, Bitcoin Hyper is currently in its presale phase, offering its token for $0.0115.

HYPER serves multiple roles in the ecosystem, from governance to staking and trade facilitation. With expectations building around a potential Upbit listing, early investors are viewing the current entry point as a rare opportunity. Because the presale price increases over time and staking rewards decline, the early phase is being described by analysts as an ideal time to get involved.

The project’s focus on improving Bitcoin scalability while delivering passive income through staking has made it one of the more discussed potential listings on Upbit this summer (source: https://99bitcoins.com/kr/cryptocurrency/new-upbit-listings/).

Mirroring Strategy’s Bitcoin playbook 

Bitmine’s model bears a striking resemblance to the playbook executed by Strategy, a company that became synonymous with Bitcoin treasury innovation. Strategy turned heads when it began accumulating BTC as a reserve asset, ultimately collecting over 607,770 BTC and redefining corporate treasury norms.

Bitmine appears to be following in those footsteps, only with Ethereum as its chosen asset. While Strategy solidified its place as the corporate face of Bitcoin, Bitmine now seeks to do the same for Ethereum. By holding and staking massive ETH reserves, the company positions itself as a long-term validator and key participant in Ethereum’s proof-of-stake consensus system.

This not only aligns Bitmine with the future of Ethereum but also gives the company a direct role in maintaining and securing the network, which is a rare position for a corporate entity.

Rising institutional confidence in Ethereum 

Bitmine’s accumulation comes at a time when institutional sentiment around Ethereum is notably bullish. Market analysts and fund managers are increasingly confident that Ethereum will outperform in the next crypto bull cycle, with some projecting the asset could double or even triple in value as it climbs back toward its previous all-time highs.

That sense of urgency is reflected in Bitmine’s treasury behavior. Instead of dollar-cost averaging slowly over time, the company has opted for larger, strategic capital raises and swift deployments into ETH. This approach suggests Bitmine is not only confident in Ethereum’s long-term utility and adoption but also in its short-term price potential.

As institutional adoption of Ethereum accelerates, Bitmine’s growing holdings may eventually give it substantial influence over the direction of the network. That possibility is already causing a stir among investors and analysts, who now see Bitmine as a potential bellwether for Ethereum’s corporate adoption curve.

Institutions buy the Bitcoin dip

Meanwhile, on the Bitcoin front, recent price action has been volatile, even by crypto standards. Within the last 24 hours, Bitcoin has swung between a high of $119,535.45 and a low of $114,759.82, retreating about 3% on the day.

Yet instead of spooking the market, the dip appears to have triggered institutional buying.

Electric vehicle manufacturer Volcon, Inc. (Nasdaq: VLCN) revealed on Friday that it had acquired 3,183.37 BTC at an average price of $117,697. This move marks the beginning of Volcon’s new bitcoin treasury strategy, and the company has signaled it plans to buy more.

“Our treasury strategy reflects our conviction in bitcoin as a durable, long-term store of value and a powerful treasury reserve asset,” said Ryan Lane, Co-CEO of Volcon. “As a continuous aggregator of BTC, we will leverage our team’s decades of hedge fund experience to implement creative ways to lower the effective purchase price of BTC.”

Volcon has already outlined plans to purchase more Bitcoin at $115,000, $116,000, and $117,000, which aligns closely with recent trading prices, signaling that the company is preparing for a steady accumulation phase.

Smarter Web joins the treasury trend 

Another company joining the corporate bitcoin club is The Smarter Web, a British public web design firm. Smarter Web began accepting bitcoin payments in 2023 and announced in April 2025 that it had adopted a formal 10-year BTC accumulation strategy.

On Friday, the company confirmed the purchase of 225 BTC, bringing its total holdings to 1,825 BTC.

This ongoing trend of public companies adopting Bitcoin as a treasury asset suggests that institutional confidence in cryptocurrency is spreading beyond early adopters and into more traditional sectors like web design and manufacturing.