Specifically, BitMine — chaired by Fundstrat’s Chief Investment Officer Tom Lee — added 208,137 ETH to its crypto treasury over the past week. As of now, the company holds a total of 833,137 ETH, solidifying its lead as the world’s largest Ethereum-holding company, ahead of second-ranked SharpLink Gaming, which currently owns more than 438,200 ETH.
This significant purchase came amid a notable ETH price rally. According to CoinGecko data, ETH rose 5.8% within 24 hours, peaking at $3,730 before correcting slightly to $3,654.
At current price levels, BitMine is now the fourth-largest crypto treasury firm globally, following Strategy, MARA Holdings, and Twenty One Capital. Remarkably, the company only unveiled its Ethereum accumulation strategy 35 days ago.
BitMine has received backing from several high-profile investors, including billionaire Bill Miller III, legendary hedge fund manager Stanley Druckenmiller, and ARK Invest CEO Cathie Wood.
ETH Accumulation Race Heats Up
BitMine’s rapid and aggressive accumulation has intensified competition among Ethereum treasury firms.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH, growing our holdings from zero to over 833,000 ETH in just 35 days,” said Tom Lee. He emphasized that BitMine has outpaced its peers not only in the rapid growth of net asset value per share but also in the high liquidity of its publicly traded stock.
Other major players in this race include SharpLink Gaming with 438,200 ETH worth around $1.61 billion and The Ether Machine with 345,400 ETH following a $40 million acquisition earlier this week. According to data from StrategicETHReserve, the Ethereum Foundation and PulseChain SAC round out the top five, with 232,600 ETH and 166,300 ETH, respectively.
Positive Market Outlook for August
Speaking to CNBC, Tom Lee shared a bullish market outlook for August, citing recent labor data suggesting a cooling job market. This trend could prompt the Federal Reserve to shift from a tightening stance to a more accommodative policy, particularly in the housing sector.
“I think we’re going to rally pretty strongly in August,” Lee stated, adding that the S&P 500 could return to all-time highs in the coming weeks. Given the strong correlation between the crypto market and broader financial markets, such a development would likely push Ether and the overall crypto market even higher.
