Catenaa, Saturday, August 30, 2025- BitMine Immersion Technologies has boosted its Ethereum holdings to 1.71 million ETH, worth nearly $8 billion, after adding over 190,500 ETH last week amid a price surge to all-time highs, sources said.
The firm’s total weekly additions, including cash, reached $2.2 billion, propelling shares of BMNR up more than 36% on the month.
BitMine’s Ethereum treasury now represents just under 1.5% of the total ETH supply, making it the second largest publicly traded crypto treasury behind Strategy.
Chairman Tom Lee noted the firm is pursuing the “alchemy of 5%” of ETH, emphasizing rapid growth in crypto net asset value (NAV) per share and high stock liquidity.
The company recently increased a capital raise by $20 billion to expand its Ethereum holdings further.
Ethereum reached a weekend peak just below $5,000 before retracing slightly to $4,615, marking its second record in three days. Analysts note that BitMine’s market-to-NAV ratio hovers around 1.0, guiding strategic decisions on share issuance and asset acquisition.
The firm is among a growing wave of companies establishing sizable Ethereum treasuries, reflecting increased institutional appetite for altcoins.
Lee emphasized Ethereum’s potential as a long-term macro trade, predicting blockchain adoption by Wall Street and AI sectors will transform financial systems.
Industry observers view BitMine’s rapid accumulation and treasury management as part of a broader institutional shift into Ethereum and other digital assets.
