BitMine Unveils ETH Treasury with $8.98B Crypto Holdings
BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has released its August investor presentation, “the Alchemy of 5%,” and a new video update from Chairman Tom Lee. The materials detail BitMine’s plan to acquire 5% of Ethereum’s supply and highlight long-term ETH upside driven by regulatory catalysts like the SEC’s Project Crypto and the GENIUS Act. As of August 31, BitMine’s combined crypto and cash assets total $8.98 billion, including 1,866,974 ETH, 192 BTC and $635 million in cash. This makes BitMine the world’s largest Ethereum treasury and the second-largest digital assets treasury globally. Since launching its ETH treasury strategy on June 30, BitMine has reached key milestones. BitMine stock also ranks among the most traded U.S. equities, averaging $2.3 billion in daily volume.
Bullish
BitMine’s nearly $9 billion crypto and cash treasury, dominated by 1.87 million ETH, underscores strong institutional conviction in Ethereum. Combined with favorable regulatory moves like Project Crypto and the GENIUS Act, this large-scale ETH accumulation may reduce supply and spur further price appreciation. Similar to MicroStrategy’s Bitcoin strategy, BitMine’s public ETH buildup is likely to drive short-term buying pressure and reinforce a long-term bullish outlook for Ethereum.