Bitmine Converts $20M to $600M in One Day After OCTO Stock Surges 3000%

TLDR

• Bitmine’s $20M OCTO investment soared to $628M after a 3000% stock surge in one day.
• Bitmine now holds 2,069,443 ETH after buying 202,469 ETH worth $881M.
• OCTO stock hit $78 intraday after the Worldcoin Treasury announcement.
• Ark Invest bought 101,950 BMNR shares across its ARK funds.

Bitmine Technologies (NYSE: BMNR), the Ethereum-focused treasury firm led by Tom Lee, turned a $20 million investment into $628 million within 24 hours. This followed an unexpected 3000% surge in the stock of Eightco Holdings (NASDAQ: OCTO), in which Bitmine holds a large position. The move has drawn attention from investors and institutions, including Ark Invest, as Bitmine expands its presence in the Ethereum ecosystem.

$20M Investment Turns into $628M on OCTO Stock Rally

Bitmine acquired 13.7 million shares of Eightco Holdings (OCTO) at $1.46 per share, totaling $20 million. Following a sharp 3000% jump in OCTO’s stock price on Monday, Bitmine’s stake reached an estimated value of $628 million by the end of the trading session.

OCTO shares surged to $78 during intraday trading before closing at $45.08. This rapid price move came shortly after Eightco announced its Worldcoin Treasury plan. The rally pushed OCTO to nearly 30 times its net asset value. Bitmine’s investment strategy, described by CEO Tom Lee as a “moonshot,” appears focused on early positions in companies building around Ethereum. “BMNR purchased 13.7mm shares of $OCTO for $1.46 per share, or $20 million in total,” said Lee. “This directly benefits BitMine shareholders as this investment is currently worth $1.1 billion to BMNR shareholders.”

Market data suggests that the valuation increase remains on paper unless Bitmine decides to realize gains. Still, the move has placed Bitmine in the spotlight, especially among institutions monitoring Ethereum-linked equity plays.

Bitmine Expands Ethereum Holdings Despite Price Dip

While Ethereum’s price pulled back to $4,300, Bitmine increased its ETH treasury holdings. The firm purchased 202,469 ETH last week, valued at about $881 million at the time of acquisition. This move took Bitmine’s total Ethereum holdings to 2,069,443 ETH, now estimated to be worth $9 billion.

Tom Lee noted the milestone in a statement: “BitMine has surpassed the 2 million ETH milestone this past week.” The company’s strategy aims to build a large and liquid Ethereum treasury. Bitmine’s approach includes investing in ETH itself and in projects that may benefit the Ethereum ecosystem. Lee also emphasized the importance of increasing NAV per share and maintaining strong stock liquidity.

Bitmine is positioning itself to become a leading Ethereum-based corporate holder. Its latest acquisition adds to the narrative that companies are increasing their exposure to crypto assets despite short-term volatility.

BMNR Stock Gains as Ark Invest Backs Bitmine

Following the OCTO surge and ETH acquisitions, Bitmine’s stock (BMNR) closed Monday up 4.19% at $43.79. Since announcing its ETH treasury plan in June, BMNR stock has climbed over 500%.

Cathie Wood’s Ark Invest also showed interest, acquiring 101,950 shares of Bitmine across its ARKK, ARKF, and ARKW funds. This move signals institutional interest in companies holding crypto on their balance sheets and engaging in blockchain infrastructure.

Bitmine’s combined investments in Ethereum and OCTO support its plan to play a larger role in the Ethereum ecosystem. As it targets owning 5% of the total ETH supply, its equity and crypto moves are being closely watched by the market.

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