BitMine Drops 27% Despite $2.2B Ethereum War Chest and $60K ETH Vision

Despite a $2.2B Ethereum treasury and plans to own 5% of all ETH, BitMine shares tumbled 27%, revealing deep market skepticism. Meanwhile, the Ethereum treasury race is accelerating.

BitMine Immersion Technologies is facing a major market correction despite bold ambitions. The company aims to accumulate 5% of Ethereum’s total supply and currently holds 600,000 ETH worth over $2.2 billion. Yet, shares of BitMine slid by nearly 27% after their latest investor update, raising concerns over the company’s execution strategy.

The drop came even after a newly launched initiative called “The Chairman’s Message,” led by FundStrat’s Tom Lee, sought to reassure shareholders. In this first episode, Lee confirmed BitMine’s long-term Ethereum goals and highlighted their role as a U.S.-based validator network. He also referenced projections showing Ethereum could hit $60,000—though the source remained vague.

Still, investors were not convinced. BitMine’s stock (BMNR) fell over 11% to $35.11 during regular hours and dropped another 15% after hours. This contrasts sharply with the 3,000% surge in early July after their ETH treasury strategy was unveiled. Analysts point to the need for clear execution and strategic liquidity protection as vital factors.

While BitMine stumbles, SharpLink Gaming—led by Ethereum co-founder Joe Lubin—is racing ahead. Lubin’s firm is aggressively buying ETH on a per-share basis and staking it to grow its reserves. SharpLink currently holds 360,800 ETH ($1.35B), second only to BitMine, and continues to raise capital daily. Unlike BitMine, SharpLink operates with zero leverage but is exploring a convertible note strategy to speed up accumulation.

Others are joining the Ethereum treasury race. Bit Digital now holds over 100,000 ETH, and Blockchain Technology Consensus Solutions expanded its holdings after a $62.4 million round. Even Finality Capital and NoOnes are bullish, viewing ETH as financial infrastructure.

Ethereum has surged 110% over the past three months to $3,800—outpacing both Bitcoin and Solana. Institutional FOMO appears to be in full swing, with corporate treasuries helping push Ethereum toward its future role as the backbone of digital finance.

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