Bitmine Immersion Technologies, Ethereum’s largest corporate holder, revealed that its total holdings are now at 833,137 ETH, more than $2.9 billion, according to a statement on August 4th.
The development places Bitmine much earlier than the previous Frontrunner Sharplink, which is reportedly owning 438,000 ETH.
With this latest acquisition, Bitmine has taken the global third place in the overall Cryptocurrency Ministry, tracking only behind Bitcoin-centric Entity Strategy (formerly Micro Strategy) and BTC Minor Marathon Digital Holdings.
“We’re looking forward to seeing you in the future,” said Tom Lee, chairman of Bitmine’s board of directors and co-founder of Fundstrat Global Advisors.
“Bitmine moved 35 days ago at lightning speed to pursue “5% alchemy” that grows ETH holdings from zero to over 833,000 ETH holdings.
BMNR is attracting institutional interest
Bitmine stocks trading under the ticker BMNR have seen a rapid increase in market activity.
According to FundStrat data, BMNR has averaged $1.6 billion daily trading volume over the past five days, ranking 42nd in all stocks on the US list, just behind the huge Uber on board.
In addition to the higher trading volume, Bitmine’s stock price has skyrocketed by over 300% since launching its ETH strategy.
That rise appears to be driven by a growing institutional interest. It currently includes major investors, including Cathie Wood’s Ark Invest and Bill Miller III, senior advisors in both Miller Value Partners and Patient Capital Management.
Miller, who famously supported MicroStrategy’s Bitcoin Pivot in 2020, sees the familiar patterns for Bitmine.
According to him:
“What’s interesting is that Bitmine is set up to be extremely beneficial when the company is turned on. ETH Staking. In my experience, the best management teams make rational decisions based on evidence, show independent thinking, and allocate capital with the aim of acquiring revenues beyond the cost of capital. ”