BitMine (BMNR) Skyrockets! Is This The New King of Crypto Treasuries?

By: María Fernández Published On: 06/08/2025

Finance Finance Finance Finance Finance

BitMine Immersion Technologies (BMNR) is making waves in the crypto world, rapidly becoming the largest publicly traded holder of Ether (ETH). The Las Vegas-based company reported ETH holdings exceeding 833,000 tokens, valued at over $2.9 billion as of Sunday night. This aggressive accumulation strategy has caught the attention of major investors and analysts alike.

From Bitcoin Miner to Ethereum Giant

BitMine's pivot from Bitcoin mining to an Ethereum treasury strategy began in late June, and the company has since moved with remarkable speed. According to StrategicETHReserve.xyz, BitMine now holds more Ether than Sharplink Gaming (SBET) and The Ether Machine (DYNX) among publicly disclosed treasuries. The company aims to acquire up to 5% of the total ETH supply, a goal they've dubbed the 'alchemy of 5%'.

Investor Confidence Soars

The company's bold strategy has attracted significant investment. Bill Miller III, senior advisor to Miller Value Partners, has taken a 'significant stake' in BitMine. Other notable investors include Cathie Wood's ARK Invest and Peter Thiel's Founders Fund, signaling strong confidence in the company's vision.

Largest publicly traded holder of Ether (ETH)
ETH holdings exceed 833,000 tokens, valued at over $2.9 billion
Aims to acquire up to 5% of the total ETH supply
Backed by prominent investors like Bill Miller III, ARK Invest, and Founders Fund
Stock is now among the most liquid in the US market

BitMine's Chairman, Tom Lee of Fundstrat, emphasizes the velocity at which the company is accumulating Ether. He believes this rapid accumulation, coupled with the high liquidity of BitMine's stock, sets them apart from other crypto treasury peers. With a daily trading volume averaging $1.6 billion, BMNR is now one of the most actively traded stocks in the US, surpassing even Uber Technologies in liquidity rankings.

Is Scarcity the Key?

Tom Lee believes the market is overlooking the importance of the scarcity created by companies aggressively buying up Ethereum. He argues that there is 'true scarcity' in Ethereum right now, driven by companies like BitMine accumulating large amounts of the cryptocurrency. This strategy has drawn comparisons to Microstrategy's Bitcoin accumulation, which led to a significant increase in the company's stock price.

While some analysts have raised concerns about the systemic risk posed by crypto treasury companies, BitMine's rapid growth and strong investor support suggest a bright future for the company and its Ethereum-focused strategy.