Ethereum’s Summer Rally Resumes — BitMine Targets 5% of ETH Supply as Stablecoin Adoption Adds Fuel

TradingKey - After a brief mid-week pullback, Ethereum (ETH) is regaining upward momentum, rebounding nearly 5% from its Thursday low of $3,500.

On Thursday, July 24, U.S.-listed crypto mining firm BitMine Immersion (BMNR) announced it had acquired 566,776 ETH at an average price of $3,643.75, bringing its total ETH holdings to over 2 billion dollars.

The company has set an ambitious goal: to accumulate 5% of the total circulating supply of Ethereum, growing its position through strategic purchases, staking rewards, and reinvestment.

Following the news, BMNR’s stock surged as much as 15% intraday and was up 10% at the time of writing, highlighting strong investor appetite for Ethereum-focused treasury plays.

Institutional Momentum Builds

As more public companies embrace Ethereum as a strategic reserve asset, ETH’s price momentum has strengthened. At the time of writing, ETH was up 4.59% on the day, outperforming major cryptocurrencies including:

• Bitcoin (+1.20%)
• XRP (+2.84%)
• Solana (+1.37%)
• TRON (+2.07%)

Ethereum Price, Source: TradingKey

Michael Novogratz, CEO of Galaxy Digital, told CNBC that Ethereum has the potential to outperform Bitcoin over the next 3 to 6 months.

On Thursday, Bloomberg ETF analyst Eric Balchunas noted on X that BlackRock’s iShares Ethereum Trust (ETHA) reached $10 billion in assets under management within just one year of launch — making it the third-fastest ETF in history to hit that milestone. The first two were BlackRock’s Bitcoin ETF (IBIT) and Fidelity’s Bitcoin ETF (FBTC).

Notably, ETHA doubled from $5 billion to $10 billion in just five days, signaling strong and accelerating institutional demand.

Beyond Treasury Reserves: The Stablecoin Catalyst

While corporate balance sheet adoption is gaining traction, Eric Conner, a former core Ethereum developer, argues that the real long-term bullish case for ETH lies in global stablecoin adoption.

As demand for dollar-denominated digital assets surges worldwide, he believes billions of people will discover and use the Ethereum network — not just for speculation, but for payments, remittances, savings, and decentralized finance.

In this vision, Ethereum isn’t just a crypto play — it’s the digital economy’s foundational layer.