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- BitMine tops public ETH holders with 833,000 ETH after rapid $739M accumulation

- ARK, Thiel, and Miller back BitMine as it targets 5% of Ethereum's total supply

%BitMine Immersion Technologies (NYSE: $BMNR ) has expanded its %Ethereum (CRYPTO: $ETH ) holdings to 833,000 ETH, with a total market value now exceeding $2.9 billion. The company's sudden accumulation makes it the largest publicly traded holder of ETH, overtaking all known corporate competitors in the space.

The updated figure shows a major increase from the 625,000 ETH the company disclosed less than two weeks earlier. The 208,000-token jump, valued at approximately $739 million, was announced Monday. Since introducing its treasury strategy in early June, BitMine has issued equity and convertible instruments to raise capital for its Ethereum purchases. The company's approach began with a $250 million private investment in public equity (PIPE) and has since grown to nearly $3 billion in ETH holdings.

Several institutional investors have recently taken big stakes in the company. ARK Invest disclosed purchases of BitMine shares totaling approximately $52.3 million since July 29. Additionally, entities backed by Peter Thiel acquired a 9.1% stake in the company last month. Miller Value Partners founder Bill Miller III has also joined the list of backers, alongside ARK and Thiel-linked firms.

Stock Buyback and Ethereum Supply Target

BitMine's announcement comes shortly after the launch of a $1 billion stock repurchase program, designed to support shareholder value alongside its ETH accumulation. The company has publicly stated that it plans to continue raising capital and increasing its Ethereum position.

According to the firm, its long-term goal is to secure up to 5% of Ethereum's circulating supply. The internal campaign is referred to as the "alchemy of 5%," a term attributed to BitMine chairman Tom Lee. The company also revealed it may stake its Ethereum holdings, generating additional yield from its balance sheet.

Public ETH Treasuries Cross $10 Billion

BitMine's latest accumulation pushes the total value of Ethereum held by public companies to over $10 billion. It now leads the corporate ETH treasury space, ahead of SharpLink Gaming, which holds 480,000 ETH, and The Ether Machine with 345,000 ETH.

The use of capital markets to finance large-scale %Crypto purchases has gained traction among U.S.-listed firms. BitMine's approach follows a similar model previously used by companies acquiring Bitcoin through structured equity raises.

BitMine has indicated that additional funding rounds and treasury disclosures may follow in the near term. The company continues to pursue Ethereum accumulation at scale, using market tools including stock sales and convertibles. No timeline was provided for reaching the 5% supply target, but the pace of acquisition suggests continued activity through the second half of 2025.