BitMine Immersion has rapidly accumulated a massive Ethereum (ETH) treasury exceeding $3 billion, cementing its position as the world’s largest corporate holder of the cryptocurrency. This strategic buildup results from targeted acquisitions underpinned by strong market performance.
The mining company listed on Nasdaq now holds 833,137 ETH, acquired at an average price of $3,491.86 per coin. This vast holding establishes BitMine not only as the top corporate custodian of Ethereum but also ranks it as the third-largest public cryptocurrency treasury globally.
Investor confidence in BitMine’s crypto strategy is evident, reflected by a more than 650% surge in the company’s stock price since June. Leading this aggressive Ethereum accumulation strategy is Tom Lee of Fundstrat Global Advisors, who has advocated strongly for Ethereum’s potential resurgence and long-term value proposition.
BitMine’s aggressive purchasing aligns closely with Ethereum’s substantial market performance, which included a noteworthy 46% rally over a recent 30-day period. Significant inflows into Ethereum-based exchange-traded funds (ETFs) have also contributed to the positive market sentiment influencing the miner’s strategy.
The company’s success underscores a broader trend among Nasdaq-listed enterprises diversifying their crypto holdings beyond Bitcoin. Investments into alternative cryptocurrencies like Ethereum, Solana, and XRP are increasingly seen as ways to capitalize on emerging blockchain technologies and market opportunities.