BitMine Immersion Technologies (NYSE American: BMNR) disclosed Monday that it now holds more than $2.9 billion worth of Ethereum (ETH), making it the largest corporate ETH treasury globally. The company reported owning 833,137 ETH valued at $3,491.86 per coin as of Aug. 3, according to Bloomberg data.
The position was built over just 35 days, beginning with the launch of BitMine’s Ethereum treasury strategy on June 30, which closed on July 8. The company’s ETH holdings place it third overall among publicly disclosed corporate cryptocurrency treasuries, behind MicroStrategy and Mara Blockchain, according to internal and market data.
Rapid Accumulation Strategy
BitMine’s chairman, Thomas “Tom” Lee of Fundstrat, said the company moved quickly to acquire its current position, starting from no ETH holdings in late June. The firm’s accumulation strategy aimed to secure a significant share of the ETH market within a short period; however, details of the acquisition methods were not disclosed.
Lee said the company’s liquidity and trading volume rank it among the most actively traded U.S.-listed equities. Fundstrat data showed BitMine’s shares averaged $1.6 billion in daily trading volume over the past five days, placing it 42nd among more than 5,700 U.S.-listed stocks, just behind Uber Technologies.
BitMine Investor Backing and Future Plans
Veteran investor Bill Miller III, known for early backing of MicroStrategy’s Bitcoin strategy in 2020, is among BitMine’s top shareholders. Miller noted similarities between BitMine’s approach and MicroStrategy’s, citing potential profitability once the company begins ETH staking operations.
Miller said he expects the company to focus on evidence-based decision-making and disciplined capital allocation aimed at generating returns above its cost of capital. BitMine did not provide a specific timeline for launching staking operations.
BitMine describes itself as a digital infrastructure company focused on blockchain-related strategies. While its rapid entry into Ethereum has positioned it among the largest cryptocurrency holders, market analysts note that the volatility of digital assets could significantly impact the value of its treasury.
