BitMine Surges Past $6.6 Billion in Holdings to Become 2nd-Largest Crypto Treasury

BitMine Immersion Technologies has accumulated over $6.612 billion in cryptocurrency holdings, establishing itself as the world's largest Ethereum treasury and second-largest crypto treasury globally, the company announced in a press release Monday.

The Las Vegas-based company now holds 1.523 million ETH tokens valued at approximately $6.6 billion, alongside 192 Bitcoin. This represents a $1.7 billion increase from $4.9 billion reported just one week earlier, with BitMine adding over 373,000 ETH tokens during that period.

BitMine's crypto holdings now rank second globally behind only MicroStrategy, which holds 628,946 Bitcoin worth approximately $74 billion. The rapid accumulation comes just six weeks after BitMine launched its Ethereum treasury strategy on June 30.

"In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion, as institutional investors have expressed interest and support for our pursuit of the 'alchemy of 5%' of ETH," said Thomas Lee of Fundstrat, who serves as BitMine's chairman.

The company's aggressive accumulation strategy has attracted backing from prominent institutional investors including ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera Capital, Kraken, Digital Currency Group, and Galaxy Digital as it pursues a goal of acquiring 5% of all Ethereum tokens.

BitMine's stock trades on the NYSE American under ticker BMNR, closing Monday at $54.87, down 5.09% on the day but up 38.67% over the past month. The company has achieved exceptional trading liquidity, with $6.4 billion in average daily volume that ranks it as the 10th most liquid stock among 5,700 US-listed companies.

Lee positioned the company's strategy within broader regulatory changes, comparing current crypto adoption to the 1971 end of the Bretton Woods system that transformed Wall Street. "We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years," he said.