BitMine Immersion Technologies added $1.7 billion or more than 373,000 Ethereum to its treasury last week, bringing its total holdings to more than 1% of the total ETH supply.
BitMine now holds $6.6 billion in Ethereum, and is the second largest cryptocurrency treasury, based on data provided by treasury firms.
"In just a week, BitMine increased its ETH holdings by $1.7 billion , as institutional investors have expressed interest and support for our pursuit of the 'alchemy of 5%' of ETH," said BitMine Chairman and Fundstrat CIO Tom Lee in a statement.
BitMine has made a series of “lightning speed purchases” since inaugurating its strategy two months ago to propel the treasury to its current total.
It has no plans of slowing down.
Last week, the former Bitcoin miner announced plans to upsize a stock offering by $20 billion to accumulate more Ethereum, which Lee calls “one of the biggest macro trades over the next 10-15 years” thanks to the GENIUS Act’s passing and expectations of “meteoric” stablecoin growth.
“The GENIUS Act and SEC's Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971 ending Bretton Woods and the USD on the gold standard 54 years ago,” Lee said in a post from the firm on X (formerly Twitter.)
“This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic Wall Street titans and financial and payment rails of today. These proved to be better investments than gold."
The Ethereum investment has become more popular among traditional investors as record inflows hit Ethereum ETFs and digital asset treasuries like BitMine and SharpLink Gaming make major purchases.
Combined, treasury companies and the Ethereum ETFs now maintain more than 8% of the entire asset supply.
Shares of BMNR were trading down 2.4%, outperforming Ethereum’s 5.1% loss in the last 24 hours. Both are up on the month though, with BMNR gaining about 31% and ETH jumping roughly 21.5%.
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