Tom Lee’s BitMine Builds $6.6 Billion Ether Stash, Now Second-Largest Public Crypto Treasury After Strategy

BitMine Immersion Technologies, the publicly listed company with a digital asset treasury strategy focusing on Ethereum and helmed by Fundstrat’s Tom Lee, announced on Monday that it now has $6.6 billion worth of Ethereum in its coffers, fortifying its position as the world’s largest corporate $ETH treasury.

BitMine Now Owns 1.3% Of $ETH Supply

BitMine Immersion Technologies scooped up an additional $1.7 billion, or over 373,000 Ethereum, for its treasury last week, lifting its total holdings to 1.5 million ether ($ETH), valued at around $6.6 billion. That’s equivalent to around 1.3% of the total $ETH supply.

In the Monday statement, the Nasdaq-listed firm said it now ranks as the second-largest public crypto treasury in the world, behind only Michael Saylor’s software company Strategy, which holds Bitcoin ($BTC). Strategy owns the world’s largest crypto treasury among public companies, with a 629,376 $BTC stockpile worth over $72 billion.

“In just a week, BitMine increased its $ETH holdings by $1.7 billion, as institutional investors have expressed interest and support for our pursuit of the ‘alchemy of 5%’ of $ETH,” BitMine Chairman and Fundstrat CIO Tom Lee posited.

BitMine also noted that its stock is now the 10th most liquid U.S. listing, averaging $6.4 billion in daily trading value.

Lee has long been bullish on Bitcoin, but in June asserted that Ethereum was making a comeback and could be the “next Bitcoin” as institutional investors show interest in the altcoin king and its network.

Ethereum was recently trading hands at nearly $4,354 as of publication time, according to data from CoinGecko, representing a 3.5% drop on the day. The asset is still 11% below its all-time high of $4,878, which it registered in November 2021.

Ether Accumulation Heats Up

Ether treasury companies like BitMine are just one investment vehicle that have contributed to a parabolic rally in the $ETH spot price. Spot Ether exchange-traded funds (ETFs) have grabbed investor interest, with the ETFs enjoying a staggering $17 billion in trading volume last week, according to Bloomberg’s senior ETF analyst Eric Balchunas.

“ETHSANITY: Ether ETFs weekly volume was about $17 billion, blowing away record, man did it wake up in July,” Balchunas noted.

The renewed interest in Ethereum has prompted British multinational bank Standard Chartered to come up with a new price forecast: a rosy $7,500 target for Ether before the end of 2025, up from a previous prediction of $4,000. The bank’s analysts cite the growing institutional buying and adoption of stablecoins due to US regulatory clarity as the key catalysts for the bullish price prediction.