Key Takeaways
- BitMine now holds 1,150,263 ETH worth over $4.96 billion, making it the largest Ethereum treasury in the world and the third-largest crypto treasury overall.
- The company added $2 billion in ETH in just one week.
- Billionaire Peter Thiel and Cathie Wood’s ARK Invest have made substantial investments in BitMine.
BitMine has continued to increase its lead as the largest corporate Ethereum holder, announcing holdings worth more than $4.96 billion as of August 10.
According to Bloomberg pricing, the company now holds 1,150,263 ETH valued at $4,311 per token, making it the largest Ethereum treasury in the world.
BitMine Holdings Grow
The milestone comes just five weeks after BitMine launched its ETH Treasury strategy on June 30.
In that time, the company has rapidly accumulated assets, securing its position as the third-largest overall crypto treasury worldwide, trailing only MicroStrategy and Mara Blockchain.
In the past week alone, BitMine increased its Ethereum reserves by $2 billion, rising from 833,137 to more than 1.15 million tokens.
“We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” said Thomas “Tom” Lee of Fundstrat, who serves as chairman of BitMine’s board.
Lee described the company’s aggressive accumulation as a pursuit of the “alchemy of 5%” of Ethereum’s total supply.
BitMine’s Stock Rallies
BitMine’s stock has seen exceptional market activity as it continues to aggressively accumulate ETH.
Fundstrat data shows the company’s shares traded an average daily dollar volume of $2.2 billion over the five days ending August 8, ranking number 25 among all U.S.-listed stocks.
That places BitMine ahead of JPMorgan and Micron Technology in trading volume out of more than 5,700 listed companies.
BitMine believes that “scarcity creates alchemy,” asserting that accumulating 5% of Ethereum’s supply will help establish it as a global leader.
Industry Leaders Bet on BitMine
BitMine’s momentum has led to industry heavyweights placing significant investments into the firm in recent weeks.
On July 16, billionaire venture capitalist Peter Thiel purchased over 9% in BitMine, bringing his total ownership to 5.09 million shares.
Meanwhile, Cathie Wood’s three ARK ETFs acquired an additional $22.8 million in BitMine shares on July 28.
According to transaction data, the ARK Innovation ETF (ARKK) acquired 401,318 BitMine shares, the ARK Next Generation Internet ETF (ARKW) bought 128,048 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 43,487 shares.
This purchase came just one week after Wood’s ARK Invest acquired $182 million worth of shares in BitMine.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
