Tom Lee’s Ethereum treasury BitMine discloses 833,000 ETH holdings

Key Takeaways

BitMine Immersion now holds 833,137 ETH, making it the largest Ethereum treasury globally.
Tom Lee said that BitMine’s aggressive ETH accumulation strategy has paid off quickly, boosting both its crypto assets and shareholder value.

BitMine Immersion (BMNR), the largest Ethereum (ETH) treasury company led by Thomas “Tom” Lee, founder and CIO of Fundstrat, revealed Monday that its Ethereum holdings have reached 833,137 units.

With ETH trading at $3,557 at press time, BitMine’s Ethereum stash is now valued at $2.9 billion. The company has aggressively accumulated Ethereum since the official start of its ETH pursuit in late June, targeting 5% of the world’s total Ethereum.

“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH growing our ETH holdings to over 833,000 from zero 35 days ago,” said Lee in a statement. “We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock.”

BitMine’s Board of Directors recently approved a $1 billion stock repurchase program to advance its Ethereum strategy.

In addition to ETH, BitMine holds about 192 Bitcoin (BTC), according to its latest disclosure. The company is now one of the top five corporate holders of crypto assets, following prominent names like Strategy, MARA Holdings, and Twenty One (XXI), based on data from BitcoinTreasuries.NET.

Prominent investor Bill Miller III has taken a significant stake in BitMine, joining other institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.

“I first invested in Microstrategy in late 2020, shortly after Michael Saylor pivoted to a Bitcoin Treasury Strategy,” said Miller, senior advisor to Miller Value Partners and Patient Capital Management. “Tom Lee and his team have already shown the resolve to grow shareholder value in the manner following Michael’s roadmap. What is intriguing is BitMine is set to be very profitable once the Company turns on ETH staking.”

BitMine has become one of the most actively traded stocks in the US market, with an average daily trading volume of $1.6 billion, ranking 42nd among 5,704 US-listed stocks, the company stated.

BitMine stock was up 2.5% in pre-market trading on Monday, per Yahoo Finance data.