BitMine Immersion Technologies (BMNR) announced a significant increase in its Ethereum (ETH) stockpile, adding $321 million worth of ETH (77,055 ETH) over the past week. This purchase makes BitMine the largest Ethereum treasury company to date, holding 3.313 million ETH valued at over $13.8 billion. The news sent BMNR stock up 6.96% to $53.83, while ETH itself rebounded to $4,209.
The company's Chairman, Thomas J. Lee, stated that the acquisition signals stabilizing market conditions following a major sell-off earlier in the month. Lee, who is also co-founder of Fundstrat Global Advisors, attributed the recent ETH price surge—which hit a two-week high of $4,246—to improving trade relations between the U.S. and China. He suggested that while crypto fundamentals may be "uncorrelated" with stocks, the performance of ETH often tracks with rising stock markets through the "risk-on" leverage channel.
BitMine's massive investment, which follows a prior $103.68 million ETH purchase on October 10, is viewed as a demonstration of institutional confidence in Ethereum's long-term prospects and technological advancements. The firm plans to eventually amass 5% of ETH’s total supply, reinforcing the narrative that institutional players are taking a longer-term perspective on the asset.
Despite its leading position in ETH, BitMine remains the second-largest overall corporate cryptocurrency treasury, trailing only Strategy, which holds over $73 billion in Bitcoin. The broader trend of companies increasing their ETH holdings is growing, with rival SharpLink Gaming also recently disclosing a significant ETH treasury.
October 2025, Cryptoniteuae