What Happened: As of Aug. 17, the company’s holdings include 1,523,373 ETH valued at $4,326 per token, along with 192 Bitcoin (CRYPTO: BTC).
The latest figure represents a $1.7 billion increase from $4.9 billion reported just last week, driven by the addition of more than 373,000 ETH.
BitMine launched its Ethereum treasury strategy on June 30, closing initial acquisitions by July 8. Since then, the company has accelerated its position, aiming to acquire 5% of the total ETH supply.
Institutional backers include ARK Invest’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, Kraken, Digital Currency Group, and Bill Miller III.
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“Our ETH holdings grew by $1.7 billion in just a week, highlighting both institutional confidence and our long-term target of 5% of Ethereum,” said Tom Lee, Chairman of BitMine and Managing Partner at Fundstrat.
Why It Matters: Globally, only Strategy Inc. (NASDAQ:MSTR) holds a larger crypto treasury, with 628,946 BTC valued at $74 billion.
Lee compared the current regulatory shift, marked by the GENIUS Act and SEC’s “Project Crypto,” to the U.S. ending the gold standard in 1971.
He said Ethereum’s role in blockchain finance and AI integration will drive significant long-term transformation in global markets.
BitMine has also become one of the most actively traded U.S. equities.
Its stock averaged $6.4 billion in daily dollar volume as of August 8, ranking 10th among U.S.-listed companies by liquidity, according to Fundstrat research.
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