Nikolas Sargeant
BitMine Immersion Technologies has dramatically expanded its corporate cryptocurrency holdings, with its Ethereum treasury now exceeding $6.6 billion following a major acquisition last week. The company added 373,110 ETH tokens to its portfolio, bringing its total holdings to over 1.52 million ETH tokens, representing more than 1% of Ethereum's total supply.
This massive accumulation positions BitMine as the world's largest institutional Ethereum holder and the second-largest corporate cryptocurrency treasury globally. The company now trails only Strategy Inc. (formerly MicroStrategy), which maintains approximately $74 billion in Bitcoin holdings with 628,946 BTC tokens in its treasury. BitMine's rise has displaced SharpLink Gaming from the top corporate Ethereum holder position, with SharpLink currently holding 360,807 ETH worth approximately $1.3 billion.
BitMine's aggressive Ethereum acquisition strategy follows an unprecedented $2.03 billion buying spree completed just 16 days ago. The Bitcoin mining company's pivot to Ethereum has generated extraordinary investor enthusiasm, with BitMine shares surging over 3,000% to $135 following the company's treasury strategy announcement in early July.
Looking ahead, BitMine chairman Tom Lee has outlined ambitious goals to acquire and stake 5% of Ether's total supply—approximately six million ETH worth roughly $22 billion at current prices. This target would exceed MicroStrategy's Bitcoin holdings proportionally, as Saylor's company controls 2.9% of Bitcoin's fixed supply. The cryptocurrency accumulation has also driven significant trading activity in BitMine's stock, with the company reporting a five-day average daily trading volume of $6.4 billion, ranking it as the 10th most liquid stock among US-listed companies.
