Ethereum surged about 5.8% intraday, rising from ~$3,654 to a peak near $3,730 before retreating slightly. This renewed momentum has buoyed companies that have pivoted to holding ETH as a core treasury asset, most notably BitMine Immersion Technologies.
BitMine now holds approximately 833,137 ETH, valued at around $2.9–$3.0 billion depending on exact pricing, the company said in a press release. That makes it the world’s largest publicly disclosed ETH treasury and also the 3rd largest crypto treasury stock. More reason for Bitmine to celebrate is that they managed to achieve this feat in just 35 days. It has been only 1 month since BitMine launched ETH Treasury strategy. The company has amassed its entire position via aggressive purchases, including a single block of 208,137 ETH valued at around $739 million last week.
Source: BitMine on X.com
Thomas “Tom” Lee of Fundstrat, now chairman of BitMine’s board, has laid out the company’s goal of acquiring up to 5% of Ethereum’s total supply, calling it as their “alchemy of 5%” vision. Lee emphasized BitMine’s “lightning speed” in building its ETH treasury and stressed its high liquidity and velocity in raising crypto NAV per share relative to peers. He also noted that once staking is activated, BitMine expects to generate roughly $100 million in net income annually.
Other firms staking and holding ETH include SharpLink Gaming, reported to hold about ~360‑480K ETH, The Ether Machine has ~345K ETH in its treasury, Bit Digital, GameSquare, among otherswith each holding more than $100M in ETH reserves.
Institutional backers & governance
The press release also spoke of new investors joining the company’s cap table. Notable investors include Bill Miller III of Miller Value Partners, who joins the likes of Cathie Wood of Ark Invest and Peter Thiel’s Founders Fund. Even though Bill is a Bitcoin OG, who bought $MSTR in 2020 when the stock was just $13. Commenting on his latest investment, Miller said, “BitMine is set to be very profitable once the Company turns on ETH staking,” citing its disciplined capital management plan.
BitMine’s business includes Bitcoin mining operations, with facilities in Trinidad, Pecos, Texas. The company positions itself as a hybrid infrastructure and treasury-style Ethereum accumulation firm, blending mining operations with capital markets activities and planned ETH staking for yield.