BitMine Immersion Technologies has taken the top spot as the world’s largest Ethereum treasury. According to a press release, the company now holds 1,713,899 ETH valued at $7.94 billion. With this move, BitMine has rewritten the corporate approach to digital asset strategies, climbing quickly to the top ranks in the crypto space.
The company’s total reserves have reached $8.82 billion, including $562 million in cash and 192 Bitcoin. Just last week, BitMine added 190,526 ETH worth $883 million, raising its total reserves by $2.2 billion in a few days. The company now ranks as the second-largest corporate crypto treasury worldwide, behind MicroStrategy, which holds more than 629,000 Bitcoin valued at $71 billion.
Launched on June 30, BitMine’s Ethereum treasury plan quickly gained traction with backing from big institutional investors. Investors such as ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital have helped fuel its rapid expansion.
Notably, the company’s stock has also reacted strongly. Shares of BitMine (BMNR) ended at $53.49 on Friday, marking a 12% jump in one session. With an average daily trading volume of $2.8 billion. At the time of writing, the stock is trading for $51.80.
BitMine has become one of the most traded equities in the United States, ranking 20th, just ahead of JPMorgan and Palo Alto Networks.
Chairman Thomas “Tom” Lee of Fundstrat praised the company’s progress. “In the past week, BitMine increased its crypto and cash holdings by $2.2 billion to $8.8 billion,” he said. Lee added, “We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years.”
Meanwhile, BitMine’s net asset value per share has risen from $22.84 in late July to $39.84 as of August 24, reflecting the pace of its treasury buildup.
With a goal of acquiring 5% of all Ethereum in circulation, the company is betting big on blockchain’s future as Wall Street and artificial intelligence shift toward decentralized networks.
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