BitMine’s $1.7b weekly haul pushes Ethereum holdings past $6.6b

BitMine Immersion accelerated its Ethereum accumulation, adding 373,000 ETH in seven days. The corporate treasury now stands at $6.6 billion, positioning the firm as the world’s largest ETH holder and second only to Strategy’s Bitcoin trove.

In a press release dated August 18, BitMine Immersion Technologies announced its Ethereum (ETH) holdings had ballooned to $6.6 billion, representing a $1.7 billion increase in just one week.

The Las Vegas-based firm, backed by institutional heavyweights like ARK Invest and Pantera Capital, added 373,000 ETH to its treasury, bringing its total stash to 1.52 million tokens. At current prices, that’s enough ETH to make BitMine the second-largest corporate crypto treasury globally, trailing only Michael Saylor’s Strategy and its $74 billion Bitcoin (BTC) reserve.

The 5% gambit: Why BitMine is betting big on Ethereum’s future

BitMine’s latest $1.7 billion purchase brings it closer to its ambitious goal of controlling 5% of Ethereum’s circulating supply, a threshold that would give it unprecedented influence over the network’s liquidity.

Chairman Tom Lee framed the week’s buying spree as part of a broader institutional pivot to blockchain infrastructure.

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee said. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

This vision is backed by concrete market shifts. According to BitMine, the GENIUS Act and SEC’s Project Crypto have created regulatory tailwinds for institutional crypto adoption, mirroring the transformative impact of the 1971 Bretton Woods collapse on traditional finance.

Where corporations once treated crypto as a speculative sideline, they’re now building treasury strategies around it, with BitMine’s $6.6 billion ETH position serving as Exhibit A.

From mining to biggest Ethereum whale

BitMine’s evolution from Bitcoin miner to Ethereum powerhouse reflects a strategic masterstroke. Per the press release, the company’s stock, trading $6.4 billion daily, now ranks among the top 10 most liquid U.S. equities, a remarkable feat for a crypto-native firm.

This liquidity fuels its accumulation strategy, creating a self-reinforcing cycle: as BitMine’s ETH holdings grow, so does investor interest in its stock, which in turn provides capital for further acquisitions.

The implications could be profound. Should BitMine reach its 5% target, it would effectively become a market maker for institutional ETH exposure, similar to how Strategy functions for Bitcoin. But there’s a key difference: Ethereum’s utility as the backbone for decentralized finance and AI applications gives BitMine’s position unique strategic value.