BitMine ETH Holdings Hit $6.6B Despite 14% Share Price Drop

BitMine Expands ETH Treasury to $6.6B

BitMine Immersion Technologies has significantly increased its Ethereum holdings, acquiring 373,000 ETH in the past week. This brings the company’s total to 1.52 million ETH, valued at $6.6 billion at current prices.

The move positions BitMine as the largest corporate holder of Ether, controlling 1.3% of the total supply. The expansion comes amid growing institutional demand and renewed interest in the Ethereum ecosystem.

Share Price Falls Despite ETH Accumulation

While BitMine’s ETH strategy has attracted attention, the company’s stock has taken a hit. According to Google Finance data, shares have fallen 14.2% since Aug. 11.

Chairman Thomas Lee noted that the “alchemy of 5%” strategy—aimed at controlling 5% of circulating ETH—was driven by institutional investor demand.

Institutional Race for Ethereum

BitMine faces competition from SharpLink Gaming, which currently holds 729,000 ETH worth $3.2 billion. The Ether Machine follows with 345,000 ETH worth $1.5 billion.

Both BitMine and SharpLink have announced major funding plans to increase their ETH reserves. BitMine intends to raise $24.5 billion through stock sales, while SharpLink recently secured $389 million.

Ethereum ETFs and Price Forecasts

Ethereum’s surge in demand extends beyond treasury acquisitions. ETH exchange-traded funds (ETFs) have seen $17 billion in trading volume in a single week, reflecting strong market appetite.

Standard Chartered has raised its ETH price target to $7,500 by 2025, citing institutional adoption and stablecoin growth under clearer U.S. regulations.

Pectra Upgrade Boosts Ethereum

The Pectra upgrade, launched in May, has strengthened Ethereum’s fundamentals. By enhancing user experience, validator functionality, and layer-2 throughput, it has coincided with a 139% ETH price increase since May 7, pushing the token above $4,300.