Key Notes
- Bitmine surpassed tech giants like Apple, Tesla, and Meta amid strong trading activity.
- Bitmine now holds 1.52 million ETH worth $6.6 billion, representing 1.26% of the Ethereum supply.
- It has also become the second-largest crypto treasury firm, trailing only MicroStrategy in overall crypto holdings.
Tom Lee’s Bitmine Technologies (NYSE: BMNR), the largest Ethereum Treasury Firm, has recently experienced massive trading activity, outperforming Wall Street giants such as Tesla, Apple, and Meta, in the US. The BMNR stock frenzy comes as Bitmine continues with its heavy
ETH
$4 291
24h volatility:
0.5%
Market cap:
$517.74 B
Vol. 24h:
$35.50 B
accumulation spree.
Bitmine (BMNR) Takes on Wall Street Giants in US
Ethereum is slowly gaining dominance on Wall Street, with publicly listed ETH treasury firms, such as Bitmine Technologies (NYSE: BMNR), dominating a significant portion of the trading activity.
On August 18, Tom Lee’s BMNR became the 10th most traded stock across all U.S. markets. The stock recorded a daily trading volume of $16.34 million, surpassing major tech giants such as Tesla, Robinhood, Apple, Meta, and Amazon in share volume.
This is a significant milestone, considering that Bitmine’s trading activity has grown substantially over the last three months. According to data from the Strategic ETH Reserve, the firm currently holds a total of 1.5 million ETH, worth $6.44 billion, at the current ETH price.
As a result, the Tom Lee firm holds more ETH than the combined holdings of its immediate three competitors: Sharplink Gaming, The Ether Machine, and The Foundation.
Bitmine Becomes Second-Largest Crypto Treasury Firm After Strategy
Ethereum treasury company Bitmine ($BMNR) has increased its ETH holdings to over $6.6 billion, up from $4.9 billion last week, according to the latest company data.
Bitmine now holds 1.52 million ETH, representing 1.26% of the total Ethereum supply, and has become the largest Ethereum treasury globally. Besides, it’s also the second-largest overall crypto treasury company, trailing only Michael Saylor’s MicroStrategy.
The firm has reached 25% of its stated goal to control 5% of Ethereum’s supply, underscoring its aggressive accumulation strategy and growing dominance in institutional ETH holdings.
On the other hand, the BMNR stock has been under selling pressure recently, correcting over 15% on the weekly chart. This comes amid profit-booking by investors after 40% monthly gains.
On August 18, Cathie Wood’s ARK Invest sold 832,000 BMNR stock, valued at approximately $50 million. The asset manager had entered the stock at $4.5.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/bitmine-surpasses-tesla-and-apple-in-trading-volume-in-the-us/
