BitMine Immersion Technologies (BMNR) just made a big splash in the crypto world. This crypto mining company now holds the largest corporate treasury of Ether (ETH) globally. Their digital assets and cash reserves have hit a massive $8.82 billion. Most of that, about $7.9 billion, is locked up in 1,713,899 ETH. This news came directly from the company in a recent statement.
BitMine kicked off its Ether treasury program in late June. Since then, it has quickly bought up a lot of ETH. The company aims high, planning to acquire up to 5% of the total ETH supply. This move is huge for the corporate sector, something only seen before with Strategy (MSTR) and its Bitcoin holdings.
BitMine’s Rapid ETH Growth
Just last week, BitMine significantly boosted its Ether balance. They added more than 190,500 ETH. This pushed their total from 1.52 million to the current figure. This surge increased the value of their reserves by over $2.2 billion. Just seven days earlier, their reported value was $6.6 billion.
As of August 24, BitMine’s portfolio also included 192 BTC and $562 million in unrestricted cash. With these numbers, the company’s asset value nearly matches its market capitalization, which is around $9.2 billion. BitMine also pointed out that its stock is very active on U.S. exchanges. It sees about $2.8 billion in daily trading volume, according to their statement.
More Companies Join the Ether Rush
BitMine’s big move isn’t happening in a vacuum. This summer, corporate ETH treasuries have been growing. More large institutions are showing interest. Investment products tied to the digital currency are also seeing more money come in.
For example, ETHZilla, an investment fund backed by Peter Thiel, recently increased its ETH holdings to 102,237. The fund also reported $215 million in cash or similar liquid assets. Another company, SharpLink Gaming, also boosted its exposure to Ether. They invested $667 million to grow their ETH stash.
Overall, public companies now hold over $12 billion in ETH. This equals more than 2% of the total 120.7 million ETH coins in circulation, based on data from The Block. BitMine’s plans, though, stand out as the most ambitious among companies using this strategy.
BitMine Next to Industry Giants
BitMine sees itself as the second-largest digital asset treasury worldwide. It sits just behind Strategy (MSTR), which holds around 632,457 BTC after some recent new purchases.
While BitMine focuses mainly on Ether, comparing it to Strategy shows how companies choose different cryptocurrencies for their main reserves. BitMine managed to gather over 1.7 million ETH in under three months. This solidifies its role in corporate Ether accumulation. This space was largely dominated by Bitcoin until now.