jakiro
On July 1, 2025, BitMine’s ETH position was zero.On August 5, its disclosed positions reached 833,137.
In just 35 days, the company, which had no crypto labels in the open market, transformed from an unknown person to the world’s largest Ethereum treasury company and completed its overtake of SharpLink.
BitMine’s shooting pace is extremely accurate.During its 35-day outbreak cycle, there is a rhythmic announcement that is disclosed almost every 7 days, each time it seems like a premeditated script advancement:
Week 1 (July 1-July 7): PIPE financing of US$250 million was launched, and it was publicly disclosed that it had completed the first purchase of approximately 150,000 ETH;
Week 2 (July 8-July 14): 266,000 ETH were purchased, and the total holdings exceeded 560,000;
Week 3 (July 15-July 21): Additional purchases of 272,000 ETH, with a cumulative holdings of more than 830,000.
These three rounds of disclosures did not use routine updates in quarterly statements, but instead sent a clear signal to the market through media, official websites, investor relations letters, etc.: We are continuing to buy ETH on a large scale, and we are the leader in the growth of institutional holdings.
This method subverts the traditional disclosure logic of the past financial report results of the treasury companies, and turns to a rhythmic attack dominated by Narrative.
More importantly, its position building rhythm is highly coordinated with the market trend.BitMine’s average buying price is not blindly sweeping the goods, but using the market adjustment window to step on the pace and buy at a low price.According to the PIPE document, its average ETH purchase price is US$3,491, which just avoids the stage high and also hits the sensitive range before ETH enters a new round of upward channels.
This precise layout is not accidental, but is combined with the complete set of tool chains of “OTC structural design + on-chain delivery + hosting settlement” provided by Galaxy Digital, allowing it to efficiently absorb large amounts of ETH without causing severe price fluctuations.
Meanwhile, BitMine’s stock price also exploded in parallel with its disclosure.From $4 in early July to $41 in early August, an increase of more than 900%.Its total market value also jumped from less than $200 million to more than $3 billion.
What is more noteworthy is that after BitMine released each position update, not only its stock price rose, but the ETH spot market also experienced a simultaneous increase in volume.The market began to regard the rise in BitMine buy-ETH price as a set of logically related events, thereby further strengthening the closed loop of Narrative.
This positive cycle of market expectations—structural disclosure—asset buying—price feedback is regarded by Wall Street as a typical case of market value reshaping.The difference is that it not only reshapes the company’s valuation, but also reshapes the market dominance of the ETH treasury in a Narrative way.
BitMine is no longer just a coin holding company, it is becoming a key center of the “Ethereum institutionalized structure”.In this process, it does not wait for the market to recognize it, but instead actively creates recognition through rhythm, disclosure, speech, structure, and pricing models.
In a word, this is not a position building that waits for the rise, but a structure that forces the rise.
From nothing to something, from buying coins to pushing up valuations, from disclosure to leading pricing, BitMine has put out a structural rise template in 35 days.
And it may also be the earliest financial prototype that appeared in the next Ethereum bull market narrative.
