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.
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