Tom Lee turned BitMine’s treasury into an ETH magnet — 1.71M coins, $8.82B on hand — making Ethereum his corporate standard the way Saylor made Bitcoin MicroStrategy’s.
BitMine Immersion Technologies has cemented its place as the world’s largest Ethereum corporate treasury after announcing another massive purchase of Ether.
The Delaware-based firm disclosed late Sunday that its total crypto and cash holdings have swelled to $8.82 billion, following a $2.2 billion accumulation in just the past week.
The milestone reflects the company’s aggressive accumulation strategy launched in late June, which has rapidly transformed BitMine into a central player in the Ethereum ecosystem.
According to the announcement, the company added more than 190,500 ETH in a single week, building on an already aggressive buying campaign launched in late June.
As of August 24, BitMine holds 1,713,899 ETH valued at $4,808 each, alongside 192 Bitcoin and $562 million in unencumbered cash.
The company now leads all corporate Ethereum treasuries by a wide margin and ranks second among global crypto treasuries overall, trailing only Michael Saylor’s Strategy Inc., which controls 629,376 BTC worth $71 billion.
Chairman Thomas “Tom” Lee of Fundstrat said the pace of acquisitions reflects the company’s ambition to secure roughly 5% of Ethereum’s total supply, around six million ETH, a goal that would require about $22 billion at current prices.
“In the past week alone, BitMine raised capital from institutional investors at unprecedented speed,” Lee said. “We remain convinced Ethereum represents one of the biggest macro trades of the next decade. As Wall Street and artificial intelligence move on-chain, Ethereum will be the foundation for transforming today’s financial system.”
The company’s rapid expansion has coincided with regulatory shifts that Lee likened to historic financial turning points. He cited the recently enacted GENIUS Act and the SEC’s “Project Crypto” initiative as catalysts comparable to the U.S. abandoning the gold standard in 1971, a moment that reshaped Wall Street for generations.
BitMine’s aggressive Ethereum strategy has also made its stock one of the most actively traded names in the U.S. market. According to Fundstrat, BitMine shares averaged $2.8 billion in daily trading volume over the past week, placing it 20th among all U.S.-listed equities.
That level of activity puts the company ahead of banking giant JPMorgan and cybersecurity heavyweight Palo Alto Networks, underscoring investor appetite for exposure to its Ethereum-heavy balance sheet.
Fueling its ambitious strategy, BitMine has been rapidly expanding its equity offering program. On August 12, the company filed with the SEC to boost its at-the-market stock sale capacity to $24.5 billion, up from an initial $2 billion authorization in July.
