BitMine Immersion has amassed a massive Ethereum war chest in a bold move that has caught the attention of Wall Street and the crypto world. With Tom Lee at the helm, the firm has raised more than $3 billion in ETH in just over a month, and it shows no signs of slowing down.
How did BitMine stack $3B in ETH so fast?
Tom Lee’s BitMine Immersion Technologies has made a significant impact in the cryptocurrency world by becoming the largest corporate Ethereum holder. In just 35 days, the Nasdaq-listed firm has amassed over 833,000 ETH, worth more than $3 billion, putting it ahead of all other public ETH treasuries.
This staggering accumulation, at an average price of $3,491 per coin, places BitMine as the third-largest public crypto treasury overall, trailing only Bitcoin behemoths Strategy and MARA Blockchain. Twenty One’s $4 billion Bitcoin stash may outperform it, but because that company is not publicly traded, BitMine takes bronze among public names.
Tom Lee, BitMine’s chairman and co-founder of Fundstrat Global Advisors, stated that the company moved “with lightning speed” to expand its Ethereum position. In a statement, he emphasized BitMine’s focus on increasing crypto net asset value per share while maintaining high stock liquidity.
Why is Ethereum BitMine’s crypto of choice?
Lee, who has long been known for his bullish views on Bitcoin, has recently shifted his focus to Ethereum, calling it a potential “next Bitcoin” as more institutional investors look to its ecosystem. With ETH recently trading near $3,679, it is still 24% below its all-time high from 2021, and many believe there is still room for growth.
That belief is reflected in market behavior. Over the last month, ETH has increased by more than 46%, thanks in part to net inflows of more than $9.5 billion into Ethereum-focused ETFs. BitMine’s move mirrors Strategy’s previous pivot, when the company abandoned software in favor of a Bitcoin accumulation model in 2020.
What does this mean for BitMine’s stock and the broader market?
BitMine’s gamble appears to be paying off thus far. Since late June, its stock, trading under the ticker BMNR, has risen by more than 650%. On Monday, shares hovered around $32, representing another 1% increase.
BitMine’s move may signal a larger shift as Ethereum gains traction and institutional buying increases. For the time being, the company is on a roll and others may soon follow suit.
Also read: XRP Outpaces Bitcoin as Crypto Recovers from ETF Outflows and Trump’s Tariff Shock
