BitMine stock pops 8% on 3.24 million ETH milestone

BitMine is riding an 8% stock surge fueled by its latest disclosure, which revealed a colossal Ethereum holding of 3.24 million tokens and a bold strategy to acquire even more during market downturns.

According to a press release dated Oct. 20, BitMine Immersion Technologies aggressively added 203,800 Ether (ETH) to its corporate treasury during a significant market deleveraging event last week.

BitMine said the acquisition, valued at roughly $800 million, pushes the company’s total ETH holdings to 3.24 million tokens. Chairman Thomas “Tom” Lee framed the move as capitalizing on a “price dislocation,” stating the firm seized the opportunity to accelerate its progress toward a previously stated goal it calls the “Alchemy of 5%.”

“The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH prices. Open interest for ETH sits at the same levels as seen on June 30th of this year (ETH was $2,500). Given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” Lee said.

BitMine’s Ethereum bet reshapes corporate crypto strategy

BitMine disclosed $219 million in unencumbered cash, a modest position of 192 Bitcoin, and a $119 million stake in Eightco Holdings, which it classifies under its “moonshots” equity investments. These combined assets bring the firm’s total crypto, cash, and moonshot holdings to a reported $13.4 billion, cementing its position as the world’s second-largest corporate crypto treasury after Michael Saylor’s Strategy.

Notably, the company’s latest disclosure also reshaped its equity performance. BitMine’s stock climbed more than 8% following the update, extending a months-long uptrend driven by aggressive ETH purchases and expanding investor interest in on-chain treasury models.

According to Fundstrat data, BitMine is now the 33rd most traded stock in the United States, with average daily turnover of $2.1 billion, placing it just behind Costco and ahead of Eli Lilly among over 5,700 listed companies. Together with Strategy, the two firms now account for 88% of all global digital asset–themed trading volume, a staggering concentration that reflects both liquidity demand and investor conviction in crypto-tied equities.

BitMine’s stock momentum appears tightly coupled to Ethereum’s market recovery. According to crypto.news data, ETH has rebounded nearly 3% in the past 24 hours, reclaiming the $4,000 mark after last week’s deleveraging shock that saw the broader crypto market shed billions in open interest.