Bitcoin Miner Adds $3 Billion Ethereum Treasury
Bitcoin mining firm BitMine Immersion has reported holding a substantial $3 billion worth of Ethereum, cementing its position as the third-largest corporate crypto treasury globally.
Key Developments
- The company acquired a significant quantity of ETH—833,137 coins—in just 35 days.
- The average purchase price was approximately $3,492 per ETH coin.
- BitMine officials maintain its stock liquidity contributes to its treasury’s agility.
- The statement revealed BitMine as the largest corporate holder of Ethereum funds.
- The Nasdaq-listed company now joins Bitcoin-focused companies MicroStrategy and Marathon Digital in the top three for public crypto assets held.
Strategic Insight
Commenting on BitMine’s strategy, Chairman Tom Lee cited rapid NAV growth and stock liquidity as distinguishing factors among crypto treasury peers.
Tom Lee’s Market View
Lee, heavily involved in shaping BitMine’s cryptocurrency strategy, views Ethereum favorably within a traditionally Bitcoin-dominated narrative. He perceives institutional interest flowing towards Ethereum.
Ethereum Market Context
Ethereum recently traded at nearly $3,679, a 5% increase over the last 24 hours but still 24% below its 2021 ATH.
Strong inflows into Ethereum exchange-traded funds further underpin aspirations of a “next Bitcoin” status, contributing to its recent 46% rally over a month.
The ‘Stock the Shelves’ Trend
BitMine follows a model now emulated by several publicly traded firms—moving beyond cryptocurrency’s early days into strategic portfolio diversification using crypto assets.
Competitors demonstrate significant gains, like BitMine’s nearly 650% stock surge since mid-June.
