BitMine Immersion Technologies (BMNR) said it now holds 1,523,373 ETH, valued at about $6.61 billion, cementing its position as the world’s largest corporate Ethereum treasury.
The company also framed itself as the No. 2 digital asset treasury (DAT) globally after Michael Saylor’s Strategy, noting that its stock has become the 10th most liquid U.S. listing, averaging $6.4 billion in daily trading value. Strategy boasts the largest crypto treasury among public companies, with 629,376 bitcoins worth over $72 billion.
Led by Fundstrat founder and former bitcoin maxi, Tom Lee, BitMine has accelerated accumulation since launching its ETH-denominated treasury strategy in late June, with management reiterating an ambition to acquire as much as 5% of ETH’s total supply. Last week, Lee’s company outlined plans to bolster financing capacity by over $20 billion to support additional acquisitions.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee said in an Aug. 18 statement, adding that institutional adoption and AI’s transition to blockchain should drive value to ETH as an asset class.
Monday’s disclosure marks a roughly $1.7 billion week-over-week increase in BitMine’s ether stash, up from 1.15 million ETH worth about $4.96 billion reported on Aug. 11. The increase means Lee’s firm purchased about 373,110 ETH last week. BMNR shares were down more than 7% after the announcement but up over 660% since January, Yahoo Finance data shows.
BitMine’s push comes as corporate ether treasuries gain traction more broadly. In July and early August, several firms like SharpLink Gaming and The Ether Machine disclosed new or expanded ETH positions amid a friendlier U.S. policy backdrop for stablecoins and institutional crypto products. These crypto treasury vehicles like BitMine offer investors exposure to networks like Ethereum and Solana without having to hold the native tokens directly — though they’re not without controversy.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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