BitMine, led by Chairman Tom Lee, has added another 208,000 ETH to its holdings, pushing its total Ethereum treasury value to over $3 billion. The accumulation comes as the price of Ethereum continues to climb, solidifying BitMine’s position as a major corporate holder of the cryptocurrency.
BitMine Immersion Technologies, which Tom Lee of Fundstrat chairs, has increased its crypto reserves by 208,137 ETH, bringing the total to 833,137 ETH, which is now valued at over $3 billion.
According to a press release on Monday, the transaction solidifies BitMine’s status as the foremost Ethereum-holding treasury firm and places it fourth among global crypto treasuries.
The purchase was disclosed on Monday, concurrently with a significant Ether price fluctuation that saw the asset rise by 5.8% to $3,730 before reversing course to $3,654, as reported by CoinGecko.
BitMine Accelerates Ethereum Push Just One Month Into New Strategy
BitMine’s most recent acquisition, announced over a month ago, underscores the company’s assertive entry into the Ethereum market.
Lee emphasized the rapid tempo at which the firm has increased its crypto net asset value per share in a statement, asserting that “we have distinguished ourselves among crypto treasury peers.”
“In its pursuit of the ‘alchemy of 5%’ of ETH, BitMine moved with lightning speed.”
The firm’s acceleration has created a significant gap between it and its competitors, including SharpLink Gaming, which currently possesses 438,200 ETH valued at $1.61 billion, and The Ether Machine, which has 345,400 ETH following a $40 million purchase on the same day.
According to StrategicETHReserve data, the Ethereum Foundation (232,600 ETH) and PulseChain SAC (166,300 ETH) complete the top five.
Notable financing has been instrumental in BitMine’s ascent. Bill Miller III, an entrepreneur, Stanley Druckenmiller, a macro veteran, and Cathie Wood, an investor at ARK Invest, are all vocal proponents of long-term crypto exposure.
The firm’s positioning indicates that institutional conviction in Ethereum is increasing, as it has outperformed recently to narrow the gap with leaders Bitcoin and Solana.
Lee informed CNBC that he anticipates additional growth in August, citing sluggish labor data and a potential shift in U.S. monetary policy.
He stated that indications of a Federal Reserve that is more relaxed could boost both equities and crypto markets, propelling the S&P 500 to new all-time highs. This development would likely be advantageous to Ether.
BitMine is not only betting on price appreciation with its most recent acquisition but also asserting itself as a dominant force in the Ethereum treasury strategy, surpassing its rivals in both size and speed.
BitMine Launches $1B Buyback as ETH Holdings Top $2.3B
BitMine, the largest corporate holder of Ethereum to date, announced a $1 billion stock buyback program last week as its Ethereum holdings exceeded 625,000 ETH, valued at $2.3 billion.
The open-ended repurchase plan is part of BitMine’s long-term capital strategy, which includes acquiring 5% of Ethereum’s total supply.
Chairman Tom Lee characterized the buyback as a versatile approach to optimize capital allocation on the company’s journey toward “the alchemy of 5%.”
BitMine has surpassed its competitors, such as the Ethereum Foundation and SharpLink, due to a significant ETH accumulation in July, which included a single 16-day purchase of 566,776 ETH valued at over $2 billion. This announcement follows that accumulation.
Investors have responded to the aggressive accumulation strategy by increasing their ownership of BMNR shares by more than 3,000% since early July.
The NYSE began trading the company’s stock options last month, increasing market engagement.