BitMine Immersion Technologies (NYSE: BMNR) has officially become the world’s largest holder of Ethereum (ETH), with more than 833,000 tokens currently valued at over $2.9 billion, according to Bloomberg data. As of August 3, the company holds exactly 833,137 ETH, priced at $3,491.86 per token.
BitMine began its ETH treasury strategy on June 30 and closed its initial acquisition phase by July 8. In just over a month, the company has achieved several major milestones, now holding the largest ETH treasury globally. BitMine is also now the third-largest crypto treasury overall, trailing only MicroStrategy and Mara Blockchain.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH, growing our ETH holdings to over 833,000 from zero 35 days ago,” said Thomas “Tom” Lee, Chairman of BitMine’s Board of Directors and founder of Fundstrat. “We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock.”
BitMine’s ticker BMNR has emerged as one of the most actively traded stocks in the U.S. According to Fundstrat data, BMNR has averaged $1.6 billion in daily trading volume over the past five days, ranking it 42nd among 5,704 U.S.-listed stocks—just behind Uber Technologies, per Statista.com.
“I am delighted to count iconic growth investor Bill Miller III among our top investors. Bill has embraced our vision of the alchemy of 5% for BitMine. We are already a critical digital infrastructure Company as Wall Street embraces moving the financial system onto the blockchain,” Lee added.
Bill Miller III, senior advisor to Miller Value Partners and Patient Capital Management, said, “I first invested in MicroStrategy in late 2020, shortly after Michael Saylor pivoted to a Bitcoin Treasury Strategy. Tom Lee and his team have already shown the resolve to grow shareholder value in the manner following Michael’s roadmap. What is intriguing is that BitMine is set to be very profitable once the Company turns on ETH staking.”
BitMine also announced a $1 billion stock repurchase program on July 29, aiming to enhance shareholder value, particularly if the stock trades below the value of the company’s underlying assets. The buyback plan is open-ended, giving the company flexibility to repurchase shares over time.
Major backers include Bill Miller III, Cathie Wood, and Founders Fund.
Also Read: SharpLink Gaming’s ETH Holding Surpasses 480K With Latest Purchases
