In a financial flexing of crypto muscle that would make even Wall Street veterans do a double-take, Bitmine Immersion Technologies has amassed over 1.15 million Ethereum coins in its corporate treasury, becoming the first public company to cross the seven-figure ETH threshold.
Bitmine flexes its crypto muscles, stockpiling over a million ETH while Wall Street watches in stunned disbelief.
This staggering portfolio, valued at approximately $5 billion, represents about 20% of Bitmine’s ambitious goal to acquire 5% of the total ETH supply.
The company’s meteoric rise in the crypto space is nothing short of extraordinary.
Bitmine transformed its holdings from a modest 163,000 ETH to over 1.15 million in just over a month—like watching someone turn a decent-sized swimming pool into Lake Michigan overnight.
This aggressive accumulation strategy was fueled by a massive $24.5 billion equity offering specifically raised for ETH purchases. In just a single week, Bitmine acquired an astonishing 317,000 ETH to accelerate their holdings.
As Bitmine flexed its treasury muscles, ETH prices responded accordingly, touching $4,300 for the first time since 2021.
Meanwhile, Bitmine’s own stock has been on a rocket ship, surging 1,300% since late June.
The daily trading volume now exceeds $2.2 billion, making it the 25th most liquid stock in the US market—not too shabby for a company that wasn’t on most investors’ radar until recently.
The corporate ETH hoarding contest has intensified as Bitmine dethroned SharpLink Gaming as the largest corporate ETH holder.
FG Nexus has also entered the race, targeting an ambitious 10% stake in ETH, though currently holding a more modest 47,331 coins.
Institutional investors are taking notice, with Pantera Capital investing over $300 million in digital asset treasury companies.
The model is attractive because these firms focus on NAV/share growth strategies rather than simply parking assets.
The company has leveraged multiple innovative strategies including premium issuance of shares above NAV to accelerate its token acquisition rate.
While the treasury buildup represents a significant milestone, analysts warn that if institutional treasury holdings approach 10% of the ETH supply, market liquidity could be affected.
For new investors looking to participate in this trend, understanding blockchain technology is crucial for evaluating the long-term security and potential of such massive cryptocurrency investments.
For now, Bitmine sits comfortably on its crypto throne, redefining what corporate treasuries might look like in the blockchain era.
