Ether extended its rally Thursday after BitMine Immersion Technologies (BMNR) announced that its holdings of the second most valuable cryptocurrency had surpassed $2 billion — just 16 days after closing a $250 million private placement to support its Ether treasury strategy.
In a press release dated July 24, the Nasdaq-listed bitcoin mining firm said it had acquired 566,776 ETH at an average price of $3,643.75. The milestone marks significant progress toward BitMine’s stated goal of acquiring and staking 5% of the total ether supply in circulation.
“At BitMine, we surpassed $2 billion in ETH holdings just sixteen days after closing our private placement,” said Chairman Tom Lee, who is also the head of research at Fundstrat and the CIO of Fundstrat Capital.
CEO Jonathan Bates added that the company aims to grow ETH-per-share performance through staking income, capital market activities and active treasury management.
The firm’s broader strategy combines direct ETH accumulation, staking for yield, and creative financing tools to maximize balance sheet growth. BitMine describes its approach as “asset-light,” relying on both internal cash flow and external capital to scale holdings while preserving flexibility.
In a separate press release issued on Wednesday, BitMine announced that equity options tied to its Nasdaq-listed shares began trading on the NYSE Options Market under the ticker BMNR. The options, which offer a range of standard expiration dates and strike prices, are intended to increase investor access and broaden market participation. “This is a major milestone,” Lee said, emphasizing that it gives the market more ways to express directional views on BitMine’s growth strategy.
Momentum behind institutional demand for ether appears to be accelerating. Bloomberg Senior ETF Analyst Eric Balchunas noted Thursday that BlackRock’s iShares Ethereum Trust ETF (ETHA) had surpassed $10 billion in assets under management just one year after launch. ETHA doubled its assets from $5 billion to $10 billion in only 10 days, making it the third-fastest ETF to hit that milestone, after BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC), which achieved this milestone in 34 and 53 days, respectively.
Shares of BitMine (BMNR) rose sharply in early Thursday trading, climbing as much as 15.7% to an intraday high of $45.70 before paring gains to $42.64 by 12:19 p.m. ET. The stock was last up 7.9% on the day, extending a weekslong rally as investors responded to the company’s accelerating ETH treasury strategy and today’s announcement about its latest ETH purchase.
At the time of writing, Ether is trading at $3,755, up 4.1% over the past 24 hours, according to CoinDesk data. It has climbed 9.2% over the past seven days, 34.9% over two weeks, and 54% over the past 30 days.
Technical Analysis Highlights
- According to CoinDesk Research’s technical analysis data model, ether swung through a $154.68 trading range during the 23-hour session from July 23 at 15:00 UTC to July 24 at 14:00 UTC, climbing to a high of $3,666.09 before dropping to a low of $3,511.41 — marking a 4.26% fluctuation.
- The token rebounded from early-session losses after multiple breakdown attempts failed near the $3,530–$3,545 support zone.
- A sharp reversal occurred during the 06:00–07:00 UTC window on July 24, supported by elevated trading volume.
- Ether defended the $3,600 threshold throughout the session, indicating persistent buying interest and setting the stage for potential range-bound consolidation.
- In the final hour, from 13:10 to 14:09 UTC, ETH declined from $3,645.31 to $3,626.83, reaching an intraday low of $3,626.27.
- A brief bounce to $3,650 was quickly rejected following a surge in sell volume between 13:31 and 13:39 UTC, when prices dropped into the $3,631–$3,636 range.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
