Key Points
- BitMine stock jumped 12% on Monday. The company announced it is now the largest corporate holder of Ethereum (ETH).
- Its ETH holdings are now worth nearly $5 billion.
- BitMine has become one of the most heavily traded stocks in the U.S.
- It is also the top foreign stock pick for retail investors in South Korea.
Shares of BitMine Immersion soared 12% on Monday after the company announced it had become the world’s largest corporate holder of Ethereum (ETH). In a stunningly fast buying spree, BitMine revealed its ETH treasury has now exceeded 1.15 million tokens, worth nearly $5 billion.
The company’s aggressive strategy began on June 30, and in just five weeks, it has amassed a massive position. BitMine’s holdings grew by an incredible $2.0 billion in the past week alone.
This rapid accumulation has made it the third-largest crypto treasury of any publicly traded company, behind only Bitcoin giants MicroStrategy and Mara Blockchain.
The news has turned BitMine into a hot stock. It’s now one of the most heavily traded stocks in the U.S., with its average daily trading volume even surpassing that of huge companies like JPMorgan.
The stock has also become a favorite of retail investors in South Korea, who have poured over $250 million into the shares since the beginning of July.
“We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” said Thomas Lee of Fundstrat, who is the chairman of BitMine’s board. The announcement came as the price of Ethereum itself was climbing, hitting a high of $4,349 on Monday.
