BitMine's Ethereum reserves exceed $2 billion, accounting for 5% of the ETH supply.

Achieve strategic growth through ETH accumulation
BitMine Immersion (NYSE: BMNR) has rapidly increased its holdings of Ethereum, currently holding 566,776 ETH, which is valued at approximately $2.06 billion based on the current price of $3,643.75/ETH. This aggressive accumulation took place shortly after completing a $250 million private placement on July 8, which further solidified its unique light-asset funding strategy.

As of July 14, BitMine's ETH holdings have surpassed the $500 million mark, doubling its newly raised funds in less than a week. This rapid growth highlights BitMine's determination to anchor its corporate reserves in Ethereum, mirroring MicroStrategy's strategy with Bitcoin.
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The goal is to occupy 5% of the total Ethereum.
BitMine's goals go far beyond billions of dollars. According to Fundstrat co-chairman Tom Lee, the company's aim is to acquire and stake 5% of the total supply of Ethereum—approximately 6 million ETH. This will be achieved through reinvestment of staking rewards and leveraging traditional sources of funding.

Their strategy focuses on:

Use financing to acquire more ETH,
Earn staking rewards to generate passive income,
Reinvest these rewards to gradually increase the per share ETH.
This method combines acquisitions with staking to achieve steady growth, while positioning Ethereum as a core corporate reserve asset.

Strong investor support and increasingly fierce competition
BitMine has received substantial support from institutional investors. The Founders Fund, led by Peter Thiel, holds a 9.1% stake in the company. Meanwhile, Cathie Wood's ARK Invest has invested approximately $182 million, further validating BitMine's model.

However, competition is heating up. SharpLink Gaming recently held 360,807 ETH (worth $1.3 billion), surpassing BitMine at one point, but its latest increase in ETH has put it back in the lead.

Market trends and staking challenges
In mid-July, the price of Ethereum rose to a six-month high of $3,675, boosting cryptocurrency-related stocks, including BitMine, which saw its share price increase by 14% on July 18. Additionally, the rise in stablecoin activity on the Ethereum network and the clarity of U.S. regulatory guidelines have sparked more interest from institutional investors.

Despite these favorable factors, BitMine still faces some obstacles. The queue of Ethereum validators exiting continues to grow, with approximately $2 billion worth of ETH frozen, and withdrawals delayed by about 9 days. These bottlenecks could complicate large-scale staking plans.