BitMine Adds 317,000 ETH, Totaling $4.9 Billion

On Monday, Ethereum treasury firm BitMine Immersion (BMNR) announced that its ether holdings have surpassed 1.15 million tokens, totaling roughly $4.9 billion, making it the largest corporate ETH treasury in the world. This announcement highlights BitMine's rapid accumulation of ether over the summer. Previously reported by The Block, the company held 625,000 ETH tied to a $1 billion stock buyback program, which then grew to 833,000 ETH worth $2.9 billion by August 4 as buying intensified. This latest update reveals that BitMine has added 317,000 ETH, valued at $1.3 billion, to its holdings in just one week. The firm did not provide details on new financing in today's statement. As an Ethereum-denominated treasury and staking company, BitMine is thriving amid increasing corporate ETH balance sheets and maturing institutional adoption. Data from The Block indicates that the total value of Ethereum treasuries has now surpassed $10 billion across monitored entities like SharpLink Gaming and Bit Digital. BitMine's chairman, Tom Lee, who is also a co-founder of Fundstrat, shared on CNBC that Ethereum may be poised for a pivotal moment akin to Bitcoin's rise in 2017. This potential surge could be driven by three key factors: regulatory clarity for stablecoins, signs of the SEC becoming more supportive of on-chain finance, and major firms like JPMorgan and Robinhood investing in Ethereum. Lee suggested that we could be entering an era reminiscent of 'Ethereum MicroStrategy', with prices possibly escalating from around $3,700 to $30,000 or more, should these trends align. Currently, ETH is trading at $4,189, a mere 14% away from its previous all-time high. Following the treasury announcement, BMNR shares surged 9%, and according to Yahoo Finance data, BitMine shares have skyrocketed 634% since January. Disclaimer: The Block functions as an independent media entity delivering news, research, and data as of November 2023. Foresight Ventures is a majority investor in The Block and actively invests in other crypto-related companies. Bitget serves as a key Limited Partner for Foresight Ventures. The Block remains committed to providing objective and timely insights into the crypto industry.