BitMine Immersion Technologies said its Ethereum treasury has swelled to more than 833,000 tokens, worth about $2.9 billion, after a month-long buying spree that eclipses the holdings of any other public company. The Minneapolis-based firm amassed the position in just 35 days through over-the-counter purchases, mainly from Galaxy Digital, according to on-chain data and a company statement. Chairman Tom Lee described the campaign as a bid to capture what he called the “alchemy of 5%” in crypto returns, adding that BitMine plans to stake the assets to generate additional yield. The rapid accumulation lifts the company to third place globally among crypto treasuries, behind MicroStrategy’s Bitcoin reserve and miner Marathon Digital’s holdings, and gives BitMine the largest corporate cache of Ether. Rival SharpLink Gaming is still expanding its own Ether stack. The sports-betting technology group bought another 30,755 ETH for about $53.5 million on 3 August, lifting its reserve to roughly 480,031 tokens valued near $1.65 billion. The company has added around 105,000 ETH since June and also used Galaxy Digital’s OTC desk for several of the trades. Other listed firms are joining the scramble. GameSquare Holdings disclosed the purchase of 2,717 ETH for $10 million, bringing its treasury to 15,630 tokens. Whale-tracking services also flagged multiple nine-figure Ether transfers between exchanges and private wallets over the weekend, underscoring heightened institutional activity despite volatile prices. Investors have rushed into BitMine’s stock: ticker BMNR has climbed more than 300% since the Ether strategy was unveiled and is averaging $1.6 billion in daily turnover, ranking it among the 50 most-traded U.S. shares. Analysts say the surge in corporate Ether accumulation echoes MicroStrategy’s high-profile Bitcoin pivot and could deepen the link between equity valuations and crypto market swings.