BitMine Immersion Technologies (NYSEAMERICAN: BMNR) has vaulted into the global spotlight after announcing that its Ethereum (ETH) holdings now exceed USD$2.9 billion, making it the world’s largest ETH treasury.
As of Sunday, the company held 833,137 ETH, priced at USD$3,491.86 per token according to Bloomberg.
The company’s Ethereum treasury strategy launched on June 30 and closed on July 8. In the month since, BitMine has moved with remarkable speed, growing its crypto holdings from zero to more than USD$2.9 billion. The company now ranks third globally in total crypto treasury value, trailing only Microstrategy Inc (NASDAQ: MSTR) and MARA Holdings Inc (NASDAQ: MARA).
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5 per cent,’ growing our ETH holdings from zero to over 833,000 in 35 days,” said Thomas “Tom” Lee, Chairman of BitMine’s Board and Head of Research at Fundstrat.
In addition, BitMine’s stock has become one of the most actively traded equities in the U.S. According to Fundstrat, the stock has averaged $1.6 billion in daily trading volume over the past five days. That places BMNR 42nd among 5,704 U.S.-listed stocks, just behind Uber Technologies Inc (NYSE: UBER), according to Statista data.
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BitMine positioned as cornerstone of digital infrastructure
Investor interest has intensified with the addition of iconic value investor Bill Miller III as a major backer.
“I first invested in MicroStrategy shortly after Michael Saylor pivoted to a Bitcoin Treasury Strategy,” Miller said.
“Tom Lee and his team have already shown the resolve to grow shareholder value in a similar manner.”
BitMine’s pursuit of the “alchemy of 5 per cent” reflects its ambition to secure at least five per cent of Ethereum’s total market float. Additionally, the company has positioned itself as a cornerstone of digital infrastructure as traditional finance inches closer to blockchain adoption.
However, despite the meteoric rise in its crypto assets and shareholder enthusiasm, BitMine’s aggressive approach has drawn criticism from several high-profile skeptics of crypto-centric treasury strategies.
Economist Peter Schiff, a longtime crypto critic, has warned against companies tying their balance sheets to volatile assets like ETH. He argues that firms like BitMine could face severe financial consequences if market conditions reverse.
“Buying into crypto near all-time highs and treating it as a corporate asset strategy is a recipe for disaster,” Schiff said.
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Some detractors to Saylor’s strategy exist
David Trainer, CEO of investment search firm, New Constructs, has echoed concerns over governance and strategic clarity.
“Turning a publicly traded company into a crypto holding vehicle without direct shareholder input is reckless,” he said.
Trainer argues that such decisions prioritize hype over business fundamentals.
Johns Hopkins University economist Steve Hanke has also questioned the underlying assumptions behind BitMine’s strategy.
“Ethereum is a highly speculative asset,” Hanke said. “Betting the future of a company on a single volatile token reflects dangerous, ideological thinking rather than sound economic judgment.”
