BitMine Immersion Technologies
Current reserves: holding approximately 566,776 ETH, valued at approximately $2.19 billion.
Future plans: Plans to purchase 5% of the total supply (approximately 6 million ETH) and support the purchase through continued financing.
SharpLink Gaming
Current reserves: 360,807 ETH held, valued at approximately $1.33 billion.
Current reserves: 360,807 ETH, worth approximately $1.33 billion.Future plans: We plan to use the remaining $966 million of ATM funds to continue to increase our holdings and earn income through staking.
BitMine Immersion Technologies
BitMine Immersion Technologies is a Nasdaq-listed company focused on cryptocurrency mining and digital asset management. In July 2025, its ETH reserves were approximately 566,776, worth approximately $2.19 billion (according to CoinGecko data). Previous reports mentioned that it holds 300,657 ETH, worth approximately $1.04 billion, indicating that its holdings are growing rapidly. The company has made it clear that it plans to purchase 5% of the total supply, or approximately 6 million ETH, and has raised $250 million in private placements to support its ETH reserve strategy. Tom Lee, a well-known strategist at Fundstrat, is its chairman of the board, further highlighting its long-term commitment to ETH.
SharpLink Gaming
SharpLink Gaming is a company focused on sports betting and entertainment technology, also listed on the Nasdaq in the United States. As of July 20, 2025, its ETH reserves were 360,807, worth approximately $1.33 billion, making it the world's largest publicly listed ETH holder. The company raised more than $413 million through the At-The-Market (ATM) facility and plans to use the remaining $966 million to continue purchasing ETH. Joseph Lubin, co-founder of Ethereum, is the chairman of its board of directors, which shows its strategic confidence in ETH. In addition, SharpLink uses 100% of ETH for staking and has earned 567 ETH in staking rewards as of July 22, 2025. Other related companies Other companies such as Coinbase Global, Inc. hold 137,300 ETH, Bit Digital, Inc. holds 120,300 ETH, and BTCS Inc. holds 55,788 ETH, but these are more used for business operations (such as trading or staking) rather than as strategic choices for reserve assets.
ETH purchase timeline and funding source analysis Purchase timeline
On June 30, 2025, the company announced a $250 million private placement financing plan for its ETH inventory strategy.
On July 9, 2025, financing was completed.
As of July 14, 2025, ETH holdings are valued at $500 million (163,142 ETH).
As of July 17, 2025, holdings are valued at $1 billion (300,657 ETH).
As of July 24, 2025, holdings are valued at over $2 billion (566,776 ETH).
Funding
The main funding comes from a $250 million private placement completed on July 9, 2025, consisting of cash and cryptocurrency, with investors including Founders Fund, Pantera, and Kraken. Further funding may be raised in the future through reinvested cash flow and capital market activities (such as stock issuance). The amount of ETH to be purchased in the future, the source of funds, and the timetable for purchase
The company's goal is to hold 5% of the total ETH supply, about 6 million ETH. It currently holds 566,776 ETH and needs to purchase about 533,224 ETH.
Analysis of funding sources:
Reinvested cash flow: The company may use the cash flow generated by its mining business to further purchase ETH. Although it is not profitable at present, it may be supported by operating income in the future if the business expands.
Capital Market Activities: The company may raise funds through further equity issuance or debt financing, as in its previous private placement financing strategy.
Crypto-asset trading: Companies may trade or pledge existing crypto assets such as BTC or ETH to obtain more ETH.
Future funding may include:
Reinvest cash flow generated by the Company's mining operations.
Raise funds through capital market activities such as further financing.
Leverage existing crypto assets for trading or collateralization.