BitMine’s crypto NAV per share climbed to $39.84, up from $22.84 less than a month earlier.
BitMine Immersion has shaken the crypto market with its latest Ethereum haul. The company now controls more ETH than any other treasury worldwide. Its stash swelled by billions in just one week.
Investors are taking notice as the firm also became one of the most traded US stocks. The development places BitMine alongside the heaviest players in the global crypto space.
According to a company filing on August 25, BitMine Immersion’s crypto and cash holdings climbed to $8.82 billion. This included 1.71 million Ethereum valued at $8.23 billion. The growth came after the firm added 190,500 ETH in one week.
Wu Blockchain reported that the company’s purchases pushed its total higher by $2.2 billion from the previous week. The strategy gave BitMine the largest Ethereum treasury in the world. It also cemented its place as the second-largest crypto treasury overall, behind Strategy Inc.
The firm also holds 192 Bitcoin and $562 million in cash reserves. Executives said the plan is to eventually control 5% of Ethereum’s supply. That push has drawn strong backing from institutional investors such as ARK’s Cathie Wood, Pantera, and Founders Fund.
The stock’s liquidity reflects the aggressive accumulation. Data from Fundstrat showed that BitMine shares now trade $2.8 billion daily on average. That ranked the company as the 20th most liquid US stock, just behind Coinbase and ahead of JPMorgan.
BitMine reported a sharp increase in its crypto net asset value. NAV per share rose to $39.84 on August 24, compared to $22.84 on July 27. This measure divides crypto and cash holdings by fully diluted shares, which now total more than 221 million.
Chairman Thomas Lee stated that capital has continued flowing in from major backers. He said the firm has been able to raise funds at a rapid pace for two consecutive weeks. The aim remains centered on acquiring a long-term Ethereum position while scaling liquidity.
The company’s ETH treasury strategy only began in late June. Yet within six weeks, BitMine reached milestones that few expected this quickly. With Wall Street volume levels and institutional money flowing in, the firm has tightened its grip on the Ethereum market.
In its announcement, BitMine said Ethereum’s role in finance could expand in the coming decade. The company’s accumulation drive, combined with rising investor demand, continues to place it among the largest players in the crypto space
