Aug 4, 02:23 PM

BitMine Immersion Becomes Largest Corporate Ethereum Holder With $3 Billion Cache

BitMine Immersion Technologies said it now holds 833,137 ether valued at a little over $2.9 billion, giving the New York Stock Exchange-listed miner the largest corporate Ethereum treasury in the world. The holding, confirmed as of 3 August, also ranks the company third among public firms by total crypto reserves, behind only Bitcoin-focused Strategy and Marathon Digital. BitMine accumulated the position in just 35 days, leapfrogging previous leader SharpLink Gaming, which holds about 438,000 ETH. The stash represents roughly 0.7% of Ethereum’s circulating supply. Chairman Tom Lee called the rapid build-up a first step toward a longer-term goal of owning 5% of the network’s tokens, and indicated that a portion of the hoard will eventually be staked to earn yield. The aggressive purchase has drawn Wall Street’s attention. BitMine’s shares, trading under the ticker BMNR, have climbed about 650% since the end of June, while average daily turnover has reached $1.6 billion—making the stock one of the 50 most actively traded in the United States. Investors such as Ark Invest and Bill Miller III have disclosed positions, wagering that the firm can emulate the market-capitalization boost enjoyed by earlier corporate crypto treasuries.