BitMine Immersion Technologies has officially become the world’s largest Ethereum treasury holder, now owning 833,137 ETH—valued at over $2.9 billion.
The company began its ETH acquisition strategy on June 30 and surpassed major institutions within 35 days.
Chairman Tom Lee, also founder of Fundstrat, emphasized the speed and scale of their strategy, calling it the “alchemy of 5%” approach to crypto NAV growth. Prominent investor Bill Miller III also backed the initiative, praising BitMine’s resemblance to MicroStrategy’s early Bitcoin strategy.
BitMine now ranks as the third-largest overall crypto holder, behind only MicroStrategy and Mara Blockchain. The company has launched a $1 billion stock repurchase program to enhance shareholder value, especially when shares trade below NAV.
With its ETH-focused strategy, BitMine plans to activate ETH staking for future revenue. BMNR has also become one of the most actively traded U.S. stocks, averaging $1.6 billion in daily volume, per Fundstrat data.
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