On July 1, 2025, BitMine's holdings in ETH were still zero. In just 35 days, this company, previously without any crypto label, has ascended to the throne of the world's largest Ethereum treasury—holding as much as 833,137 units, surpassing SharpLink.

BitMine's actions are not random but precisely timed:

  • Week 1 (July 1–7): Completed $250 million PIPE financing, first batch purchased about 150,000 ETH;

  • Week 2 (July 8–14): Re-purchased 266,000 units, total holdings surpassed 560,000 units;

  • Week 3 (July 15–21): Added 272,000 units, holdings surpassed 830,000 units.

Unlike traditional companies that disclose quarterly financial reports, BitMine chooses to 'interrupt' with announcements weekly, continuously releasing clear signals to the market through media, official websites, and investor letters—indicating we are buying ETH on a large scale and are the leaders.

Notably, BitMine's accumulation rhythm is highly aligned with market conditions: the average purchase price was only $3,491, avoiding stage peaks and landing at the critical point when ETH entered a new upward channel. Behind this is the comprehensive solution provided by Galaxy Digital, which includes 'OTC structured trading + on-chain settlement + custodial settlement,' ensuring massive accumulation is completed without increasing volatility.

The results were immediate—company stock price soared from $4 in early July to $41 in early August, an increase of over 900%; market capitalization rose from less than $200 million to $3 billion. Each update of holdings not only pushed up the stock price but also drove the ETH spot market to increase in volume, forming a closed loop of buying—price increase—strengthened market expectations.

Wall Street believes this is a typical case of market capitalization reshaping, but BitMine has not only reshaped its own valuation but also redefined the market landscape of the ETH treasury through narrative and rhythm. It has become not just a holding company but possibly a key hub for the future 'institutional structure of Ethereum.'

In summary: BitMine's operations do not wait for the market to raise prices but actively create upward momentum.