BitMine overtakes Ethereum Foundation with $1 billion ETH stockpile

BitMine Immersion’s latest move has tilted the Ethereum power map, as the Nevada-based firm disclosed a staggering 300,657 ETH in its treasury—valued at over $1 billion.

This surpasses the Ethereum Foundation’s publicly known holdings of $665 million and makes BitMine the largest corporate holder of Ethereum to date.

The milestone comes just days after BitMine raised $250 million via a private placement and swiftly moved to more than triple its ETH holdings within a week.

The strategic accumulation marks a dramatic pivot for BitMine, originally known for its Bitcoin mining operations, and sets the stage for a broader conversation around the growing corporate influence over Ethereum’s decentralised architecture.

BitMine plans to stake 5% of circulating ETH supply

Between July 14 and 17, BitMine disclosed two key filings that revealed a methodical strategy: not only had it accumulated $500 million worth of ETH within five days of its $250 million PIPE (Private Investment in Public Equity) sale, but it had continued to increase its position to surpass $1 billion shortly thereafter.

The firm’s endgame appears clear—staking. BitMine chairman Tom Lee confirmed plans to eventually stake 5% of Ethereum’s circulating supply, which would entrench the company in Ethereum’s validator ecosystem and governance structure.

With over 300,000 ETH now under its control, BitMine’s next logical step is to convert these holdings into validator nodes, giving it substantial sway over transaction validation and future protocol decisions.

Institutional backing pushes BitMine shares up 34%

BitMine’s aggressive accumulation has not gone unnoticed by institutional investors. A regulatory filing revealed that Founders Fund, led by billionaire Peter Thiel, acquired a 9.1% stake in BitMine.

The market responded swiftly: BitMine (BMNR) shares surged nearly 27% in pre-market trading on 16 July, adding another 7% following the latest ETH disclosure. At the time of writing, BMNR was trading at $43.78.

The move by Thiel’s fund signals growing institutional confidence in Ethereum as a treasury asset and in BitMine as a strategic player positioned to benefit from staking revenues and governance influence.

ETH accumulation race intensifies among public firms

BitMine’s leapfrogging of the Ethereum Foundation and rival corporate holder SharpLink Gaming has intensified the corporate rush into ETH. As of July 15, SharpLink’s ETH treasury stood at 280,706 coins, valued at over $960 million.

Two days later, BitMine took the lead. While the Ethereum Foundation continues to steer protocol development, BitMine’s on-chain position is now numerically superior, raising questions about the future distribution of power within the Ethereum ecosystem.

ETH price jumps as network dynamics shift

Ethereum is now trading at $3,406.23, rising 4.92% in the past 24 hours.

Source: CoinMarketCap

The rally reflects growing market interest in Ethereum amid the staking race and rising corporate participation. While Ether remains decentralised by design, the trend of concentrated corporate staking poses a new set of questions around long-term validator distribution and decision-making.

BitMine’s rapid-fire expansion is a notable pivot for the crypto mining firm, but it also sets a precedent for how future corporate players may approach Ethereum, less as a passive asset, and more as a tool for direct influence.