- BitMine boosts its Ethereum lead with $220M purchase, taking its total holdings to 1.57M ETH worth $6.6B in record speed.
- The company added 373K ETH last week and now controls the world’s largest ETH treasury while ranking second in crypto overall.
- Despite stock dips, BitMine’s bold ETH strategy signals strong belief in Ethereum as the backbone of finance and blockchain growth.
Ethereum markets faced another jolt as BitMine Immersion Technologies accelerated its aggressive accumulation strategy. The U.S.-based company bought 52,475 ETH worth $220 million in just 40 minutes, Lookonchain reported.
This raised its total holdings to 1,575,848 ETH, valued at $6.6 billion. The surge reinforced BitMine’s dominance as the largest Ethereum treasury in the world and cemented its ranking as the second-largest global crypto treasury.
Aggressive Expansion Strategy
Previously, Lookonchain confirmed BitMine bought 373,110 ETH worth $1.62 billion last week. Hence, its total surged from 1.15 million to 1.52 million ETH in a single week.
Moreover, an August 17 announcement confirmed its total crypto holdings exceeded $6.612 billion. The company’s treasury then included 1,523,373 ETH at $4,326 per coin and 192 Bitcoin. Consequently, BitMine secured the number one spot in Ethereum treasuries, while Strategy Inc. led overall with 628,946 BTC worth $74 billion.
BitMine launched its ETH Treasury strategy on June 30 and closed the first phase by July 8. Besides, it achieved rapid milestones within six weeks. Chairman Thomas “Tom” Lee emphasized, “In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion (adding over 373,000 tokens from 1.15 million to 1.52 million tokens), as institutional investors have expressed interest and support for our pursuit of the ‘alchemy of 5%’ of ETH.”
Market Reaction and Strategic Outlook
Lee added, “As we continue to say, we are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.” Additionally, he compared the GENIUS Act and SEC’s Project Crypto to the 1971 end of Bretton Woods, describing them as equally transformational. “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” he continued.
However, the market reflected mixed reactions. Ethereum traded at $4,181.54, slipping 1.25% in 24 hours. Moreover, BitMine stock closed at $49.78 on August 19, dropping 9.28%. Consequently, it slightly rebounded in after-hours trading to $50.00, showing cautious optimism.
