BitMine Immersion Technologies, the leading corporate holder of Ethereum, has disclosed that their total ETH holdings have reached 833,137, with a value exceeding $2.9 billion, as per a statement released on Aug. 4 here.
This news positions BitMine well ahead of previous leader SharpLink, who reportedly holds 438,000 ETH.
Following this acquisition, BitMine has now secured the third spot globally in terms of crypto treasuries, trailing behind Bitcoin-focused entities Strategy (formerly MicroStrategy) and BTC miner Marathon Digital Holdings.
Tom Lee, Chairman of BitMine’s board and co-founder of Fundstrat Global Advisors, commented:
“BitMine has swiftly expanded its ETH holdings to over 833,000 from zero in just 35 days, demonstrating our commitment to growth. We have distinguished ourselves among crypto treasury peers through our rapid increase in crypto NAV per share and the high liquidity of our stock.”
BMNR garners institutional interest
The stock of BitMine, traded under the ticker BMNR, has experienced a surge in market activity.
Data from Fundstrat indicates that BMNR has averaged $1.6 billion in daily trading volume over the past five days, ranking 42nd among all US-listed stocks, closely behind Uber.
In addition to the increased trading volumes, the stock price of BitMine has risen by over 300% since the introduction of its ETH strategy.
This surge appears to be driven by a growing interest from institutional investors, with prominent names such as Cathie Wood’s Ark Invest and Bill Miller III, a senior advisor at Miller Value Partners and Patient Capital Management, now on board.
Miller, known for supporting MicroStrategy’s Bitcoin shift in 2020, sees similarities in BitMine.
He stated:
“What is intriguing is BitMine is poised to be highly profitable once the Company activates ETH staking. In my experience, top management teams make informed decisions based on evidence, demonstrate independent thinking, and allocate capital with the aim of generating returns above the cost of capital.”
