Tom Lee’s BitMine Immersion Technologies added 208,137 ETH to its crypto treasury last week, lifting the total value of its holdings past $3 billion as Ether rallied on Monday.
The latest accumulation brings BitMine’s total stash to 833,137 ETH, solidifying its position as the largest Ether-holding firm, well ahead of second-place SharpLink Gaming, according to a Monday statement.
Ether surged as much as 5.8% over a 24-hour span, reaching $3,730 before pulling back to $3,654, per CoinGecko data.
With ETH trading above $3,700, BitMine now ranks as the fourth-largest crypto treasury globally, behind Strategy, MARA Holdings, and Twenty One Capital. The milestone comes just 35 days after the company launched its Ethereum-focused treasury strategy.
BitMine is chaired by Fundstrat’s Tom Lee and backed by prominent investors including Bill Miller III, Stanley Druckenmiller, and ARK Invest CEO Cathie Wood.
Rising institutional confidence in Ethereum has been a major catalyst behind ETH’s triple-digit gains over the past three months, helping it close the gap with market leaders like Bitcoin and Solana in the ongoing bull cycle.
BitMine Maintains Lead in ETH Accumulation Race
The aggressive pace of accumulation has ignited a competitive race among Ethereum treasury firms.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH, growing our holdings from zero to over 833,000 ETH in just 35 days,” said Tom Lee.
“We’ve set ourselves apart from other crypto treasury firms—not only through the rapid growth of our crypto NAV per share, but also by maintaining high liquidity in our stock,” he added.
Multiple rivals have joined the race
SharpLink ranks second in ETH holdings with over 438,200 coins valued at $1.61 billion, while The Ether Machine sits in third after adding $40 million worth of ETH on Monday, bringing its total to 345,400.
Rounding out the top five are the Ethereum Foundation with 232,600 ETH and PulseChain SAC with 166,300 ETH, according to StrategicETHReserve data.
Lee Expresses Rare Bullish Outlook for August Markets
In an interview with CNBC, Tom Lee said he anticipates a market rally in August, pointing to recent labor data that suggests a weakening job market—potentially prompting the Federal Reserve to shift from tightening to a more accommodative stance and stimulate the housing sector.
“I think we’re going to rally pretty strongly in August,” Lee said, adding that the S&P 500 could revisit all-time highs in the coming weeks. Given crypto’s strong correlation with broader markets, such a move would likely lift Ether and the wider digital asset market as well.
