This article is reprinted with permission from Minima Research Institute, and the copyright belongs to the original author.
On July 1, 2025, BitMine's ETH holdings were zero.
By August 5, its disclosed holdings had reached 833,137 ETH.
In just a short time, this company, which previously had no crypto label in the public market, transformed from an unknown entity into the world's largest Ethereum treasury company, surpassing SharpLink.
BitMine's timing was extremely precise. During its explosive growth period, there was almost a rhythmic announcement every day, each one like a scripted progression:
First week (July 1 – July 7): PIPE financing of $250 million was completed, publicly disclosing the first batch of approximately 150,000 ETH purchased;
Second week (July 8 – July 14): An additional 266,000 ETH was procured, bringing total holdings to over 560,000 ETH;
Third week (July 15 – July 21): An additional purchase of 27,200 ETH was made, with cumulative holdings exceeding 830,000 ETH;
These three rounds of disclosures did not follow the routine updates of quarterly reports but instead transmitted clear signals to the market through media, official websites, and investor relations letters: we are continuously buying ETH on a large scale, and we are the leaders in institutional holdings growth.
This approach disrupted the traditional disclosure logic of treasury companies waiting for financial reports, shifting to a narrative-driven, rhythmic offensive.
More importantly, its buying rhythm was highly coordinated with market trends. BitMine's average purchase price was not a blind buy but rather a strategic low-buy during market adjustment windows. According to PIPE documents, its average buying price for ETH was $3,491, perfectly avoiding the peak while hitting a sensitive range before ETH entered a new upward channel.
This precise layout was not coincidental but was supported by a complete toolchain provided by GalaxyDigital, including "OTC structure design + on-chain delivery + custodial settlement," allowing it to efficiently absorb large amounts of ETH without causing significant price fluctuations.
At the same time, BitMine's stock price also experienced explosive growth in sync with its disclosures. From $4 at the beginning of July, it surged to $41 in early August, an increase of over 900%. Its total market capitalization jumped from less than $200 million to over $3 billion.
What is even more noteworthy is that after each update of BitMine's holdings, not only did its stock price rise, but the ETH spot market also saw a simultaneous increase in volume. The market began to view BitMine's buying—ETH price increase as a set of logically related events, further reinforcing the narrative loop.
This positive cycle of market expectations—structural disclosures—asset purchases—price feedback is seen by Wall Street as a typical case of market capitalization reshaping. However, unlike others, it not only reshaped the company's valuation but also redefined the market dominance of ETH treasuries in a narrative manner.
BitMine is no longer just a coin-holding enterprise; it is becoming a key hub of the "institutional structure of Ethereum." In this process, it does not wait for market recognition but actively creates acknowledgment through rhythm, disclosures, rhetoric, structure, and pricing models.
In summary: this is not a passive accumulation but an active structural push.
From nothing to something, from buying coins to boosting valuation, from disclosure to leading pricing, BitMine has created a structural upward template in just 35 days.
And it may be the earliest financial prototype to emerge in the next Ethereum bull market narrative.
Related: As Ethereum's price breaks through $4,300, ETH corporate holdings rise to $13 billion.
Original text: “In 35 days, $5 billion was scooped up, seizing the ETH leadership; the ETH landscape has changed, and the future is here.”
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