tl;dr
**BitMine’s Ethereum Empire Surpasses $8 Billion as Crypto Treasury Race Heats Up**
BitMine Immersion Technologies is making waves in the crypto world, with its Ethereum treasury inching closer to $8 billion after a record-breaking week. The company added nearly 190,500 ETH—worth almost $900 mill...
**BitMine’s Ethereum Empire Surpasses $8 Billion as Crypto Treasury Race Heats Up**
BitMine Immersion Technologies is making waves in the crypto world, with its Ethereum treasury inching closer to $8 billion after a record-breaking week. The company added nearly 190,500 ETH—worth almost $900 million—to its holdings, pushing its total Ethereum stash to 1.71 million ETH. That’s just under 1.5% of the entire token supply, a move that’s not only bolstering its balance sheet but also signaling a bold bet on Ethereum’s future.
“This is the second week in a row we’ve raised capital from institutional investors at this pace,” said BitMine Chairman Tom Lee, who’s spearheading the company’s mission to achieve the “alchemy of 5%” of ETH. “We’re leading our crypto treasury peers in both the speed of raising crypto net asset value (NAV) per share and the liquidity of our stock.”
BitMine’s surge isn’t just about numbers. It’s part of a growing trend as companies pivot to build Ethereum treasuries, positioning themselves as key players in the evolving crypto landscape. The firm now ranks as the second-largest publicly traded crypto treasury, trailing only Michael Saylor’s Strategy. Last week alone, BitMine boosted its treasury by $1.7 billion, surpassing Bitcoin miner MARA Holdings in dollar value—a feat that underscores the shift in focus from Bitcoin to Ethereum.
Ethereum itself has been on a rollercoaster ride. It hit an all-time high of nearly $5,000 over the weekend, only to retreat slightly to $4,615 by Monday. Despite the dip, the asset’s momentum shows no signs of slowing, with BitMine’s aggressive buying spree fueling its crypto NAV per share by 75% since July.
At the heart of this strategy is a metric called *mNAV* (market-to-net-asset-value), a tool popularized by Saylor to determine when to buy or sell crypto. If a firm’s mNAV trades above 1.0, it can issue stock to raise funds; if below 1.0, it may sell assets to repurchase shares. BitMine currently hovers around a 1.0 mNAV, a sweet spot that allows it to maintain balance while scaling up.
Lee isn’t slowing down. The company recently raised its Ethereum acquisition target to $20 billion, a move he calls a “macro trade” with the potential to reshape finance over the next decade. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system,” he said. “And the majority of this is taking place on Ethereum.”
Meanwhile, BitMine’s stock (BMNR) has climbed 36% this month, trading at $53.52 as investors bet on the company’s vision. With Ethereum’s price volatility and the growing appetite for institutional-grade crypto treasuries, BitMine’s bet on the second-largest cryptocurrency could be a defining moment in the race to dominate the digital asset space.
As the line between traditional finance and crypto blurs, one thing is clear: BitMine isn’t just holding Ethereum—it’s building an empire on it.