BitMine Immersion’s Ethereum treasury has surged past $6.6 billion, overtaking MARA. Its stock ranks among the most traded in the U.S. despite a recent price dip.
Bitmine’s Ethereum Holdings Soar Past $6.6B As Stock Liquidity Surges
As of the time of this writing, BitMine has reported holdings of more than 1.52 million Ethereum, valued at $4,326 per token, alongside 192 Bitcoin (BTC), according to a press release. That is a big jump in cash terms compared to the previous week (when it held $4.9 billion worth of ETH). It indicates the speed at which the company has increased its ETH holdings.
Tom Lee, the chairman of BitMine and a co-founder of Fundstrat argued that Ethereum is one of the greatest trades in the coming decade. He emphasized the institutional demand, the migration of Wall Street and AI onto blockchain all combine to make Ethereum a stronger investment in the long-run.
The comments made by Lee indicate that the role Ethereum plays in the revolution of the finance industry would only increase as blockchain combined with traditional markets. Accumulation is not the only strategy by BitMine. It also aims to be dominant in terms of trading liquidity and institutional credibility.
BitMine has embarked on a strong growth plan, which has made it attractive to top institutional investors such as Cathie Woods ARK Invest, Founders Fund, Pantera Capital as well as Kraken. Its objective is to grow its ETH holdings and ultimately purchase 5% of the total ETH in circulation, and this has ignited greater investor interest.
According to Fundstrat, BitMine’s stock has also surged in trading activity, averaging $6.4 billion in daily volume. This makes it the 10th most liquid U.S. stock, ahead of giants like JPMorgan and Alphabet.
BitMine Overtakes MARA as Second-Largest Corporate Crypto Treasury Amid 775% Stock Surge
This purchase has placed the company as the second-largest corporate crypto treasury, overtaking Marathon Digital (MARA). Data from BitcoinTreasuries confirms that BitMine’s Ethereum-focused strategy now places it ahead of MARA in total crypto reserves.
BitMine’s ETH treasury coincides with a period institutions are rebalancing their portfolios to include crypto treasuries. In U.S. dollar terms, MicroStrategy remains the largest crypto treasury with its assets valued at $74 billion after its latest BTC purchase while BitMine comes next with $6.6 billion worth of holdings.
According to TradingView chart, BitMine’s (BMNR) share price has experienced a one-day loss of 4.37%. However, it has delivered staggering long-term gains. BMNR has performed better than in the past six months with 775% increase in price and over 600% on a year-to-date basis. These returns rank it as one of the best performing equities in the U.S. markets in the current year.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
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Source: https://coingape.com/tom-lees-bitmine-ethereum-treasury-tops-6-6b/