BitMine Immersion Technologies has surged to the world’s second-largest corporate crypto treasury holder after accumulating $6.6 billion worth of Ethereum, according to company statements and industry trackers published this week. The Las Vegas-based firm, which trades on the NYSE American under the ticker BMNR, now holds roughly 1.52 million ETH, making it the largest public Ethereum treasury globally and placing it behind only MicroStrategy’s dominant Bitcoin stash by total crypto value.
The rapid ascent follows BitMine’s June 30 pivot into an Ethereum-focused treasury strategy led by Thomas “Tom” Lee, the Fundstrat co-founder who was appointed chairman the same day. As CNBC reported, Lee has pitched Ethereum as the “MicroStrategy playbook for ETH.” In the weeks since, BitMine has executed a breakneck accumulation program—described internally as a push toward holding 5% of Ethereum’s supply—completing initial purchases by July 8 and adding hundreds of thousands of ETH through mid-August even amid sharp crypto market swings.
BitMine’s disclosed holdings climbed from hundreds of thousands of ETH in late July to more than 1.15 million by Aug. 10 and 1.52 million by Aug. 17, with an additional 52,475 ETH bought around Aug. 20 as prices pulled back, according to CoinDesk and CoinMarketCap Academy. The company and several market reports have framed the strategy as a long-term, institutional-scale bet on Ethereum’s role in decentralized finance, stablecoins, tokenization and on-chain market infrastructure.
The company’s rise has also reshaped trading dynamics in U.S. equities. BitMine’s stock has recently posted some of the heaviest dollar volumes in the market, with press materials citing average daily turnover in the multi-billion-dollar range. Shares have been volatile, tracking ETH’s swings as investors weigh the value of the firm’s crypto holdings against fluctuations in net asset value and ongoing capital needs for further accumulation.
Lee has positioned Ethereum as a core macro asset over the next decade, arguing that Wall Street plumbing and AI-era finance are increasingly migrating on-chain—largely to Ethereum’s ecosystem. He has also outlined an ambition for BitMine to secure a meaningful share of ETH’s circulating supply over time, supported by institutional capital formation.
The strategy aligns with broader institutional adoption trends. Ethereum exchange-traded products have attracted significant inflows this summer, and staking continues to anchor on-chain yields, with tens of millions of ETH locked in validators. For public-market investors, BitMine has quickly become a levered proxy on ETH exposure—albeit with concentration, execution and market-valuation risks.
BitMine’s ascent reshuffles the leaderboard of corporate crypto treasuries. While MicroStrategy remains the clear No. 1 by total crypto value with its vast Bitcoin holdings, BitMine’s $6.6 billion Ethereum trove now outpaces other public crypto treasuries, including those focused on Bitcoin, according to Mitrade. The company says it intends to keep building its position, though future purchases will depend on market conditions, capital availability and regulatory developments.
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