BitMine Immersion Technologies has just made a major move in the crypto world, becoming the largest corporate holder of Ethereum (ETH) globally. The Delaware-based company announced that it now holds over $8.82 billion in combined crypto and cash assets, after buying another $2.2 billion worth of ETH in just one week.

This aggressive buying spree started in late June, and BitMine has quickly become a key player in the Ethereum ecosystem. The latest purchase added more than 190,500 ETH to its holdings, bringing the total to 1,713,899 ETH. Each Ether is currently valued at around $4,808. Alongside this, BitMine also holds 192 Bitcoin and $562 million in available cash.

With this move, BitMine now leads all corporate Ethereum treasuries by a wide margin and ranks second overall in global crypto reserves. The only company ahead is Strategy Inc., led by Michael Saylor, which holds over 629,000 BTC worth around $71 billion.

Fundstrat chairman Thomas Lee said BitMine aims to eventually own about 5% of all existing Ethereum — nearly six million ETH — a goal that would cost around $22 billion at today’s prices. He believes Ethereum will play a crucial role in transforming the financial system as Wall Street and artificial intelligence shift to blockchain technology.

BitMine’s rapid growth is happening at the same time as major regulatory changes. Lee compared this moment to when the U.S. left the gold standard in 1971 — a shift that changed finance forever. He pointed to the new GENIUS Act and the SEC’s “Project Crypto” as signs of this transformation.

Investor interest in BitMine is also booming. Over the past week, its stock has seen an average daily trading volume of $2.8 billion, making it one of the most traded stocks in the U.S. — even ahead of giants like JPMorgan and Palo Alto Networks. Much of this interest is driven by BitMine’s heavy focus on Ethereum.

To support its buying strategy, BitMine recently increased its stock sale program. On August 12, it filed with the SEC to raise its stock sale limit to $24.5 billion, up from just $2 billion in July. While some of this money may go toward Bitcoin or mining operations, the company confirmed Ethereum remains its top priority.

BitMine’s bold strategy has sparked competition among other companies building large Ethereum reserves. SharpLink Gaming, for example, held 728,804 ETH as of June 30, most of it staked to earn rewards. The company has raised over $3 billion from investors and is shifting fully into becoming an Ethereum treasury-focused firm.

Both BitMine and SharpLink are earning extra ETH by staking their reserves. SharpLink has already made over 1,300 ETH in staking rewards. Last week in New York City, several major companies pitched Ethereum to Wall Street as the foundation for a new financial system.

This strategy is clearly working. July saw a record-breaking 127% increase in corporate Ethereum holdings, which now stand at 2.7 million ETH worth $11.6 billion. In total, about 70 companies hold around 4.3 million ETH — roughly 3.6% of all Ether in circulation. ETFs have also gathered another 6.5 million ETH.

BitMine is the largest holder with 1.7 million ETH, or 40% of all corporate-owned Ether. SharpLink comes next with about 741,000 ETH, or 17%. ETFs hold even more than corporations now, with daily inflows reaching nearly 80,000 ETH.

Globally, this mirrors what’s happening with Bitcoin. Strategy Inc. just added 3,081 BTC this week, bringing its total to over 632,000 BTC worth $71 billion. Ethereum and Bitcoin are now in a race for dominance among institutional investors.

Ethereum prices have surged recently thanks to strong demand from large investors — known as whales. In the past month alone, Ether has jumped nearly 25%, while Bitcoin has dropped around 5%. ETH is currently priced at $4,644 but remains up more than 7% for the week.

Reports show that big investors are favoring Ethereum over Bitcoin right now. Data from the Chicago Mercantile Exchange (CME) shows rising interest and liquidity in ETH futures contracts, while Bitcoin futures have not seen the same growth.

Analysts believe Ethereum is stronger than Bitcoin in the short to medium term due to this trend. Retail traders haven’t piled in yet either — a sign that this rally could still have room to grow.

Bitcoin’s dominance has dropped to 57.4%, its lowest level since June, highlighting Ethereum’s growing market share. On Binance and other exchanges, whales have been steadily buying ETH since July using both spot and futures markets.

This whale accumulation is pushing Ethereum closer to the $5,000 mark — and it could be just the beginning if institutional interest continues to climb.