BitMine Ethereum Holdings Cross $2 Billion Mark

BitMine Immersion Technologies has surpassed $2 billion in Ethereum holdings just 16 days after completing its $250 million private placement, according to a company announcement Thursday.

The publicly traded mining company turned Ethereum treasury firm now holds 566,776 ETH valued at $3,643.75 per token as of July 23rd at 11:59 PM ET, representing a more than 700% expansion beyond its initial funding proceeds, it announced in a statement .

BitMine closed its private placement on July 8th as part of what it describes as an "asset light treasury strategy." The rapid capital deployment follows the company's aggressive pivot toward Ethereum accumulation, building on its earlier $500 million position announced in July.

"At BitMine, we surpassed $2 billion in ETH holdings, just sixteen days after closing on the initial $250 million private placement," said Thomas Lee of Fundstrat, who serves as chairman of BitMine's board of directors. "We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply."

The accumulation strategy mirrors approaches taken by Bitcoin treasury companies, with Lee previously drawing parallels to MicroStrategy's Bitcoin holdings. BitMine's 5% target would represent a significant portion of Ethereum's total supply.

"We are committed to Ethereum's continued growth and look forward to advancing our Ethereum treasury strategy," CEO Jonathan Bates said.

BitMine measures performance through ETH held per share, combining reinvestment of cash flows, capital market activities, and staking yields. The company has transformed from a traditional Bitcoin mining operation into one of the largest publicly traded Ethereum holders.