Daniel Walker
Ethereum-focused treasury company BitMine Immersion (BMNR) announced on Monday that its ETH reserves have exceeded 1.15 million tokens, valued at around $4.9 billion. This achievement makes BitMine the largest corporate holder of Ethereum in the world.
The update marks the first time a digital asset treasury company has crossed the 1 million ETH threshold. Earlier this year, BitMine’s holdings were reported at 625,000 ETH alongside a $1 billion share buyback plan. By August 4, the company had grown its stash to 833,000 ETH (worth $2.9 billion), before accelerating purchases last week. The latest figures suggest an additional 317,000 ETH—roughly $1.3 billion—was added in just days.
Institutional Adoption Driving Ethereum Growth
BitMine has positioned itself as an Ethereum-denominated treasury and staking powerhouse at a time when institutional ETH adoption is gaining momentum. According to PRIME’s data, total Ethereum treasuries across tracked companies like SharpLink Gaming and Bit Digital have now surpassed $10 billion.
BitMine chairman Tom Lee, also co-founder of Fundstrat, told CNBC that Ethereum may be entering a “2017 Bitcoin” moment. He pointed to three major catalysts:
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Regulatory approval for stablecoins
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Increasing signs of SEC support for onchain finance
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Major players like JPMorgan and Robinhood building on Ethereum
Lee suggested that if these trends accelerate, Ethereum could see a parabolic rise—potentially moving from around $3,700 to $30,000 or beyond—ushering in an “Ethereum MicroStrategy” era.
Market Reaction
At the time of the announcement, ETH traded at $4,189, just 14% below its all-time high. Shares of BMNR jumped 9% on the news, with BitMine stock up a staggering 634% year-to-date, according to Yahoo Finance.
