BitMine claims global Ethereum treasury title with $2.9b in holdings

BitMine Immersion is executing one of crypto’s most aggressive accumulation plays, amassing 833,137 ETH worth $2.9 billion in just five weeks. The staggering haul now positions the firm as the single largest corporate holder of Ethereum worldwide.

In a press release dated August 4, BitMine Immersion Technologies announced its Ethereum (ETH) treasury had ballooned to 833,137 ETH, surpassing all other publicly traded companies in total holdings.

The company, which only began its ETH accumulation strategy in late June, achieved the milestone at breakneck speed, adding an average of nearly 24,000 ETH per day. At current prices, the stash accounts for roughly 0.7% of Ethereum’s total circulating supply, putting BitMine on course to achieve its stated goal of amassing 5% of the asset.

Why BitMine is betting big on Ethereum.

BitMine’s aggressive accumulation strategy appears to be driven by the conviction that staking will soon become one of the most dependable sources of return in digital markets. Chairman Thomas emphasized in the press release that once staking begins, BitMine’s earnings profile will shift dramatically, positioning the company to bolster shareholder value in a manner following Michael Saylor’s Strategy.

Investors appear to be aligned with the vision. Per the press release, BitMine’s stock (BMNR) has become one of the most actively traded equities in the U.S., with $1.6 billion in average daily volume over the past five days, rivaling blue chips like Uber.

At the same time, high-profile backers are doubling down: Peter Thiel-linked entities acquired a 9.1% stake earlier this month, while Cathie Wood’s ARK Invest has been accumulating shares at a breakneck pace.

Last week, ARK scooped up an additional $17 million in BMNR stock across its flagship ETFs, adding to the $20 million purchase four days prior and a $182 million buy the week before. The buying spree suggests institutional conviction in BitMine’s ability to execute its Ethereum strategy where others have hesitated.

Meanwhile, SharpLink, BitMine’s closest rival in corporate ETH accumulation, holds 480,031 ETH, worth $1.65 billion, after adding $54 million worth on August 3.