BitMine Immersion Technologies, chaired by Fundstrat chief investment officer Tom Lee, executed another substantial Ethereum acquisition, adding 208,137 ETH to its treasury in the past week. This latest transaction brings BitMine’s total holdings to 833,137 ETH, with an aggregate market value surpassing $3 billion based on Monday’s price levels.
The surge in Ethereum’s price, which climbed from a low of $3,730 to that peak within 24 hours before settling near $3,654, played a crucial role in the valuation milestone. Data from CoinGecko confirms the intraday price swing, underscoring heightened volatility that coincided with the institutional purchase.
Bill Miller III, Stanley Druckenmiller and ARK Invest CEO Cathie Wood have all backed BitMine’s strategy since its inception just 35 days ago. The aggressive accumulation pace has propelled BitMine to the position of the fourth-largest cryptocurrency treasury in the sector, trailing only Strategy, MARA Holdings and Twenty One Capital.
Competitive Landscape
The rapid build-up of ETH reserves has sparked an active acquisition race among major firms. SharpLink Gaming currently holds the second-largest Ethereum treasury at over 438,200 ETH, valued at approximately $1.61 billion. The Ether Machine ranks third with 345,400 ETH after executing a $40 million purchase last Monday, according to Nasdaq data.
Other notable entities include the Ethereum Foundation and PulseChain SAC, each controlling 232,600 ETH and 166,300 ETH respectively, based on figures furnished by StrategicETHReserve.xyz. These firms are aggressively vying for larger shares of the expanding institutional Ethereum market amid a broader bull cycle led by assets such as Bitcoin and Solana.
Institutional Sentiment and Outlook
Tom Lee described the strategy as an “alchemy of 5%,” highlighting BitMine’s objective to secure that proportion of Ether’s total supply. “Our velocity in raising crypto NAV per share and maintaining high stock liquidity sets us apart among peers,” Lee stated in a CNBC interview.
Lee anticipates robust market performance in August, driven by recent labor data indicating a softening job market. He forecasts that the Federal Reserve may transition toward policy easing later this quarter, potentially fueling further gains in Ethereum and the broader crypto market. A return to all-time highs in the S&P 500 could reinforce the strong intermarket correlation, positioning digital assets for an accelerated rally.
As institutional confidence in ETH grows, market participants will closely monitor any shifts in central bank policy and macroeconomic indicators that could affect liquidity and risk sentiment. BitMine’s rapid accumulation underscores a new era of competitive treasury management and highlights the mounting influence of large-scale players on Ethereum’s price dynamics.
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