Tom Lee’s BitMine Reaches $8.8B in Ethereum Treasuries

Tom Lee-led BitMine Immersion Technologies said its ether-denominated treasury surged past $8.8 billion, cementing its role as Ethereum’s largest corporate holder. The balance sheet now includes 1.71 million ETH worth $7.9 billion, alongside 192 BTC and $562 million in unencumbered cash.

The company disclosed last week’s purchase of 190,500 ETH, lifting its total crypto plus cash holdings by $2.2 billion. Management reiterated its long-term ambition to acquire as much as 5% of Ethereum’s circulating supply, currently around 120.7 million tokens.

BitMine’s expansion comes amid broad institutional accumulation, with public ETH treasuries surpassing $12 billion and capturing more than 2% of supply. Rivals include SharpLink Gaming, which added $667 million in ETH, and Peter Thiel-backed ETHZilla, now holding 102,237 tokens plus $215 million cash.

BitMine described itself as the world’s second-largest digital-asset treasury after Strategy, which controls 632,457 BTC through aggressive accumulation. Its BMNR shares average $2.8 billion in daily trading, ranking among the most liquid digital-asset equities on US exchanges.

Galaxy, Jump, Multicoin Plan $1B Solana Treasury

Galaxy Digital, Jump Crypto, and Multicoin Capital are seeking to raise $1 billion to create a digital asset treasury firm focused on Solana, Bloomberg reported. The plan involves acquiring a publicly traded company and converting it into a treasury vehicle, with Cantor Fitzgerald enlisted as lead banker. The Solana Foundation is backing the effort, with the deal expected to close in early September.

Analysts said this could reduce available SOL supply, lifting market sentiment and attracting more developers and ecosystem investment. Public Solana treasuries currently hold about 3.44 million SOL, led by Upexi’s $500 million accumulation plan. Solana has gained traction through DeFi and memecoin activity, and is now the sixth-largest cryptocurrency with a $109 billion market cap.

Buterin Says Prediction Markets Are Unattractive Without Yield

Ethereum co-founder Vitalik Buterin said on Farcaster that most prediction markets are “unappealing” for hedging since they do not pay interest. He argued users must give up 4% annual returns available on stable assets to participate, limiting adoption for risk management. Buterin suggested that adding yield could unlock larger hedging use cases and increase volumes.

His comments came as Polymarket’s trading volume dipped from $1.16 billion in June to $1.06 billion in July, though active users rose to nearly 287,000. Researchers said users traded smaller amounts but the number of new markets has consistently expanded. Polymarket’s diversification beyond politics could support growth if hedging incentives improve.

Fake Cristiano Ronaldo Token Crashes After $143M Pump

Rumors of an official Cristiano Ronaldo meme coin led to a wave of fake CR7 tokens over the weekend, including one that soared to a $143 million market cap before collapsing 98% in minutes. Blockchain firm Bubblemaps said influencers likely coordinated the launch, promoting contract addresses and selling quickly in what amounted to a rug pull. Many posts have since been deleted.

The speculation drew on Ronaldo’s ongoing Binance partnership, but no credible sources confirmed a token launch. At least five other fake CR7 coins appeared on Solana but failed to attract significant volume. The incident followed Kanye West’s official YZY token debut, underscoring how celebrity rumors continue to fuel speculative trading and investor losses.

Data of the Day

Global crypto investment products saw $1.4 billion in outflows last week, the largest since March, according to CoinShares. Bitcoin led redemptions with $1 billion withdrawn, while ether funds lost $440 million. The losses were concentrated in the US, Sweden, and Switzerland, though Germany and Canada posted modest inflows.

Flows reversed late in the week, with $594 million in net inflows after Fed Chair Jerome Powell struck a dovish tone at Jackson Hole. Month-to-date data show ether products have gained $2.5 billion while Bitcoin ETFs lost about $1 billion. Altcoins posted mixed results, with XRP and Solana seeing inflows while Sui and Toncoin experienced outflows.

More Breaking News

• ETHZilla authorized a $250 million stock buyback and revealed 102,237 ether worth $489 million, doubling down on its ether-focused treasury strategy.
• A Philippines lawmaker proposed a strategic 10,000 BTC reserve with 20-year lockup, restricting sales except for retiring government debt obligations.
• Sharps Technology raised $400 million to acquire Solana, sending shares up 75%, as investors like ParaFi and Pantera backed its digital asset treasury strategy.
• Strategy purchased 3,000 Bitcoin worth $357 million, resuming common stock offerings despite earlier restrictions, boosting its already massive 632,500 BTC corporate holdings.
• B Strategy aims to raise $1 billion and model itself as the “Berkshire Hathaway of BNB,” bridging institutional capital into Binance’s ecosystem.
• A UK think tank warned CBDCs risk closing Orwell’s “1984 loop,” arguing programmable central bank money could weaponize savings and erode financial privacy.
• The SEC opened a comment period on Canary’s proposed staked Injective ETF, giving the public 21 days to weigh in before next steps.
• Toncoin and Telegram founder Pavel Durov criticized France’s case against him, calling it absurd after one year without evidence, warning it damaged the nation’s free image.

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