Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, has added 208,137 ETH to its growing crypto reserves, boosting its total holdings to 833,137 ETH, now worth over $3 billion.
Key Takeaways:
- BitMine holds 833,137 ETH worth over $3 billion, making it the largest corporate Ethereum holder.
- The firm’s aggressive strategy puts it far ahead of rivals just one month after announcing its ETH push.
- BitMine is betting on Ethereum’s upside amid shifting macro conditions.
The move cements BitMine’s position as the top Ethereum-holding treasury firm and places it fourth among global crypto treasuries overall, according to a Monday press release.
The purchase was disclosed on Monday, coinciding with a sharp Ether price swing that saw the asset climb 5.8% to $3,730 before easing back to $3,654, according to CoinGecko.
BitMine Accelerates Ethereum Push Just One Month Into New Strategy
BitMine’s latest accumulation highlights its aggressive entry into the Ethereum space just over a month after the firm unveiled its ETH strategy.
“We have separated ourselves among crypto treasury peers,” Lee said in a statement, emphasizing the rapid pace at which the firm has raised its crypto net asset value per share.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH.”
The firm’s acceleration puts distance between it and rivals like SharpLink Gaming, which holds 438,200 ETH worth $1.61 billion, and The Ether Machine, now at 345,400 ETH after a $40 million buy on the same day.
Rounding out the top five are the Ethereum Foundation (232,600 ETH) and PulseChain SAC (166,300 ETH), according to StrategicETHReserve data.
BitMine’s rise has been fueled by notable backing. Investors include billionaire Bill Miller III, macro veteran Stanley Druckenmiller, and ARK Invest’s Cathie Wood — all vocal advocates for long-term crypto exposure.
The firm’s positioning signals rising institutional conviction in Ethereum, which has outperformed in recent weeks while attempting to close the gap with leaders Bitcoin and Solana.
Lee told CNBC he expects further upside in August, citing soft labor data and a possible pivot in U.S. monetary policy.
He said signs of an easing Federal Reserve could lift both equities and crypto markets, potentially pushing the S&P 500 to new all-time highs — a move that would likely benefit Ether.
With its latest buy, BitMine is not just betting on price appreciation but also staking its claim as a dominant force in Ethereum treasury strategy, outpacing peers both in speed and size.
BitMine Launches $1B Buyback as ETH Holdings Top $2.3B
Last week, BitMine announced a $1 billion stock buyback program as its Ethereum holdings surged past 625,000 ETH, worth $2.3 billion, making it the largest corporate holder of Ethereum to date.
The open-ended repurchase plan comes amid BitMine’s larger goal of acquiring 5% of Ethereum’s total supply, a move it sees as part of a long-term capital strategy.
Chairman Tom Lee described the buyback as a flexible way to optimize capital allocation on the firm’s path toward what he calls “the alchemy of 5%.”
The announcement follows a massive ETH accumulation in July, including a single 16-day purchase of 566,776 ETH worth over $2 billion, vaulting BitMine past competitors like SharpLink and the Ethereum Foundation.
BMNR shares have skyrocketed over 3,000% since early July as investors react to the aggressive accumulation strategy.
The company’s stock options began trading on the NYSE last month, further boosting market engagement.
