BitMine Immersion (BMNR) has crossed a remarkable milestone: holding over 1.15 million ETH in its treasury, equating to nearly $4.9 billion at the current rate and 0.95% of the supply. No other company in the world possesses such a vast reserve of Ethereum.
This announcement marks a new episode in a buying spree that began this summer. At the beginning of August, BitMine already held 833,000 ETH ($2.9 billion) after surging from the 625,000 ETH reported at the end of July. Within a week, the NYSE-listed firm acquired 317,000 additional ETH, equivalent to $1.3 billion, without disclosing if any new funding had been raised.
A Massive Bet on Ethereum’s Future
BitMine doesn’t just accumulate. Its model is built on a treasury indexed to Ethereum and staking revenues, a strategic positioning that aligns perfectly with the market’s evolution: companies’ ETH balances are skyrocketing, now exceeding $10 billion globally.
Against other players like SharpLink Gaming, Ether Machine, or Bit Digital, BitMine emerges as the benchmark, reminiscent of MicroStrategy’s role with Bitcoin, but this time with Ethereum.
“A 2017 Moment for Ethereum”
For Tom Lee, president of BitMine and co-founder of Fundstrat, the market could be on the verge of an acceleration phase akin to Bitcoin in 2017. Three catalysts are on the horizon:
- Expected regulatory green light for stablecoins
- SEC openness to on-chain financial applications
- Entry of giants like JPMorgan or Robinhood into Ethereum
He believes that combined, these dynamics could propel ETH from its current $4,200 to $30,000 or more in the years ahead.
ETH Outperforms the Crypto Market
ETH was trading this morning at $4,230, just 11% below its all-time high. BMNR shares, on the other hand, surged by 9% after this announcement, bringing its total increase since January to +634%.
In a landscape where institutional signals are multiplying, and Ethereum is becoming the backbone of decentralized and tokenized finance, BitMine positions itself as the network’s capital magnet.
If the trend persists, the question is no longer if other companies will follow suit, but how quickly they will. Because on Ethereum, the BitMine train is already running at full speed…and it shows no signs of slowing down.
