BitMine Immersion Technologies (NASDAQ: BMNR), the Ethereum-focused treasury firm led by Fundstrat’s Tom Lee, has officially crossed a major milestone. According to a Monday SEC filing, the company now holds over 1.5 million Ether (ETH) — worth approximately $6.6 billion at current market prices.
BitMine Becomes a Top Corporate Crypto Holder
The latest accumulation makes BitMine the second-largest publicly listed crypto treasury holder globally, surpassing MARA Holdings (MARA) and trailing only Strategy (MSTR), which owns more than $72 billion in Bitcoin.
Unlike Bitcoin-focused firms, BitMine has taken a direct Ethereum treasury strategy, positioning itself as the leading corporate ETH holder. This signals growing institutional confidence in Ethereum’s long-term role in decentralized finance (DeFi), smart contracts, and staking.
Market Pressure: Stock Drops 7%
Despite the massive holdings milestone, BMNR’s stock dropped 7% on Monday. The decline came as Ethereum (ETH) itself pulled back sharply from near-record highs reached last week.
The correction also weighed on rival crypto-treasury and blockchain firms, including SharpLink (SBET), which also manages ETH reserves, and Solana-focused players like Upexi (UPXI) and DeFi Development (DFDV).
Ethereum’s Role in Corporate Treasuries
Ethereum has increasingly become a target for corporate accumulation, particularly as its ecosystem expands through staking, tokenization, and Layer-2 scaling solutions. By holding ETH directly, BitMine is betting on Ethereum’s network utility and long-term value capture beyond being just a speculative asset.
While BitMine’s ETH stash of $6.6B cements its position as a major institutional player, the firm’s stock performance remains tied to Ethereum price volatility. If ETH continues to face corrections, BMNR shares could remain under pressure in the short term.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.