BitMine Immersion Technologies Adds Over 208,000 ETH, Pushing Holdings to $3 Billion Tally
BitMine Immersion Technologies, the crypto treasury vehicle chaired by Fundstrat’s Tom Lee, significantly increased its Ethereum reserves last week. The firm added approximately 208,137 ETH, raising its cumulative holdings to roughly 833,137 ETH and valuing the entire treasury at over $3 billion.
Monday’s purchase solidified BitMine’s position in the Ethereum treasury landscape, widening its lead over SharpLink Gaming, which holds the second-largest stash with over 438,200 ETH valued at approximately $1.61 billion.
This substantial accumulation occurred during a notable ETH rally. ETH prices briefly surged over 5.8% intraday on Monday, reaching a high of $3,730 based on 24-hour data. Currently, the cryptocurrency trades near $3,654.
Standing above $3,700, BitMine’s treasury ranks fourth globally among major crypto treasury firms, positioned behind entities like STRAT, MARA Holdings, and Twenty One Capital. The rapid growth—833,137 ETH accumulated in just 35 days—marks a significant acceleration in the race to build prominent Ethereum treasuries.
Led by Tom Lee, BitMine has attracted backing from prominent investors, including Bill Miller III, Stanley Druckenmiller, and Cathie Wood of ARK Invest.
The Race for Ethereum Treasuries Heats Up
Institutional confidence has fueled ETH’s recent performance. Over the past three months, ETH experienced a significant rally, regaining some ground lost to Bitcoin and Solana, which led earlier in the bull market cycle.
The pace of BitMine’s accumulation has intensified the competitive dynamics among Ethereum treasury firms.
Speaking about the strategy, Lee stated, “BitMine moved with lightning speed in its pursuit… growing our ETH holdings to over 833,000 from zero 35 days ago.” He noted the firm’s achievements in rapidly increasing its crypto net asset value (NAV) per share while maintaining stock liquidity.
Competitor Landscape
SharpLink Gaming occupies the second position with over 438,200 ETH, worth $1.61 billion. The Ether Machine follows in third place, holding 345,400 ETH following its own significant purchase on Monday.
The top five ETH hoarders according to StrategicETHReserve data are:
– BitMine Immersion Technologies: ~833,137 ETH
– SharpLink Gaming: ~438,200 ETH
– The Ether Machine: ~345,400 ETH
– Ethereum Foundation / PulseChain SAC: ~232,600 ETH
– StrategicETHReserve: ~166,300 ETH
Bullish Outlook for August
In broader market commentary, Lee expressed confidence in an upcoming rally, particularly in August. He cited recent labor data suggesting a softening job market as a potential catalyst prompting the Federal Reserve to adopt a more accommodative stance.
Lee expects this potential easing cycle could push the S&P 500 toward all-time highs within the next few weeks. Given the historical correlation between traditional and cryptocurrency markets, he anticipates this positive market momentum could subsequently benefit Ethereum and the wider crypto sector.
