BitMine Immersion Amasses World's Largest ETH Treasury, Valued at Over $2.9 Billion

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has announced that its Ethereum (ETH) holdings have surpassed $2.9 billion, establishing the company as the world's largest ETH treasury. According to a press release , the company's holdings now total 833,137 ETH tokens.

This milestone comes just over a month after the company launched its ETH treasury strategy , which was initiated with a $250 million private placement on July 8th. The rapid accumulation of assets has also positioned BitMine as the third-largest crypto treasury globally, trailing only Microstrategy and Mara Blockchain.

The company's strategic vision, dubbed "the alchemy of 5%," is to acquire 5% of the total circulating ETH supply. With its current holdings, BitMine has already secured approximately 14% of this ambitious target.

The company has also attracted high-profile investors, including Bill Miller III, a senior advisor to Miller Value Partners, who has taken a significant stake.

"What is intriguing is BitMine is set to be very profitable once the Company turns on ETH staking. In my experience, the best management teams make rational decisions based upon evidence, exhibit independent thinking, and allocate capital with an objective of earning returns above the cost of capital," said Bill Miller III, senior advisor to Miller Value Partners and senior advisor to Patient Capital Management.

In a statement, Thomas "Tom" Lee of Fundstrat, Chairman of BitMine's Board of Directors, praised the company's speed and its ability to attract significant investor interest. "We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock," Lee stated.

The company's CEO, Jonathan Bates, has also outlined plans to enable ETH staking on their substantial holdings, which would generate additional yield and potentially create a new revenue stream.

This move aligns with the company's goal to become a key player in the Ethereum ecosystem and attract institutional capital.

Whether this treasury strategy sustains remains to be seen. But BitMine just proved you can move fast and accumulate billions—if you time it right.