BitMine Rockets to $13B in Ethereum, Outpaces Rivals as Stock Soars

BitMine Immersion Technologies, the leading publicly traded Ethereum treasury, has cemented its dominance in the crypto sector by expanding its Ethereum (ETH) holdings to an unprecedented $13 billion, following a major purchase that sparked renewed investor confidence and propelled its stock upward.

Key Takeaways

• BitMine now holds 2.83 million ETH, valued at $13 billion.

• Stock price surged over 5% after the announcement, marking a 37% monthly gain.

• The company remains the largest public ETH holder and the second-largest crypto treasury overall.

BitMine's Latest Expansion and Stock Surge

BitMine’s strategic acquisition of 179,251 ETH, worth around $823 million in the past week, has further widened the gap between itself and other corporate ETH holders. The company’s aggressive accumulation has propelled its total ETH stash to 2.83 million tokens—well ahead of any rival, with the next biggest treasury, SharpLink Gaming, trailing at roughly $3.85 billion worth of ETH.

As news of the purchase broke, BitMine's stock (BMNR) climbed more than 5% to nearly $60 per share on Monday, capped by a stellar 37% rise across the last month. While the crypto market remains volatile, this move signals strong faith in Ethereum’s long-term potential among institutional investors.

Ethereum as a Strategic Asset

Chairman Tom Lee has consistently championed Ethereum as a central pillar of BitMine's investment strategy—aligning it with emerging trends in artificial intelligence (AI) and decentralized finance. He emphasized that meetings with core Ethereum developers at the Token2049 conference underscored the network's growing importance as infrastructure for Wall Street and next-generation AI use cases.

Lee described Ethereum as a “power law” asset, whose reliability and track record of 100% uptime make it the preferred blockchain for institutions. He sees the token’s current price as undervalued relative to future financial infrastructure needs, cementing ETH as BitMine’s primary treasury holding.

Corporate Crypto Strategies and Broader Implications

BitMine’s ETH portfolio is accompanied by 192 bitcoins (roughly $24 million), a $113 million stake in fintech Eightco Holdings, and almost half a billion dollars in cash. This diversified approach has helped rank BitMine as the world’s second-largest crypto treasury, behind only the Bitcoin giant Strategy Inc., which boasts $80 billion in BTC.

Broader market dynamics showed exchange balances for ETH at seven-year lows as institutional players like BitMine shift assets to treasuries and staking. Analysts draw parallels between recent regulatory developments and historic inflection points in financial markets, hinting that the financial landscape could see significant transformation, with Ethereum at its core.

Looking Ahead for BitMine and Ethereum

With BitMine trading more than $2.5 billion in daily volume and investor confidence on the rise, market watchers are optimistic that the company could reach the symbolic 3-million ETH mark by late October. As regulatory clarity increases and AI innovation accelerates, BitMine’s bet on Ethereum is widely seen as a bellwether for corporate crypto strategy—and for ETH’s growing role in the future of finance.

Sources

• Tom Lee's BitMine Boosts Ethereum Treasury Holdings to $13 Billion, Yahoo Finance.

• Tom Lee's BitMine Boosts Ethereum Treasury Holdings to $13 Billion, Decrypt.

• Ethereum News: BitMine Expands Ethereum Treasury to $13 Billion After Major Purchase, Live Bitcoin News.

• BitMine Stock Surges 6% as Ethereum Holdings Hit a Staggering $11 Billion – But There’s a Catch, Yahoo Finance.

• BitMine Stock Climbs as Tom Lee's Firm Boosts Ethereum Holdings to $11 Billion, Yahoo Finance.