BitMine Immersion Hoards $2.9B ETH Treasury – Largest in Crypto History

Crypto whales, meet your new king. BitMine Immersion just locked down a staggering $2.9 billion Ethereum stash—the largest institutional ETH treasury on the planet.

The ultimate HODL play

While traditional finance scrambles to tokenize paper assets, BitMine's vault puts Wall Street's 'blockchain experiments' to shame. This isn't dip-buying—it's a full-scale asset siege.

Liquidity? Never heard of her

The move defies recent exchange outflows, proving institutional players would rather self-custody than trust centralized platforms (yes, even after the 2024 regulatory purge).

One hedge fund manager quipped: 'They've got more ETH than some nations have GDP—and probably better monetary policy.'

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has announced that its ethereum (ETH) holdings have surpassed $2.9 billion, establishing the company as the world's largest ETH treasury. According to a press release, the company's holdings now total 833,137 ETH tokens.

This milestone comes just over a month after the company launched its ETH treasury strategy, which was initiated with a $250 million private placement on July 8th. The rapid accumulation of assets has also positioned BitMine as the third-largest crypto treasury globally, trailing only Microstrategy and Mara Blockchain.

The company's strategic vision, dubbed "the alchemy of 5%," is to acquire 5% of the total circulating ETH supply. With its current holdings, BitMine has already secured approximately 14% of this ambitious target.

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It has been 1-month since BitMine launched ETH Treasury strategy.

2 milestones announced today:
- BMNR now owns 833,137 ETH valued at $2.95 billion
- Bill Miller III announced he has taken a major stake in BMNRhttps://t.co/2w77JQkR8J

Ticker: $BMNR

The company has also attracted high-profile investors, including Bill Miller III, a senior advisor to Miller Value Partners, who has taken a significant stake.

"What is intriguing is BitMine is set to be very profitable once the Company turns on ETH staking. In my experience, the best management teams make rational decisions based upon evidence, exhibit independent thinking, and allocate capital with an objective of earning returns above the cost of capital," said Bill Miller III, senior advisor to Miller Value Partners and senior advisor to Patient Capital Management.

In a statement, Thomas "Tom" Lee of Fundstrat, Chairman of BitMine's Board of Directors, praised the company's speed and its ability to attract significant investor interest. "We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock," Lee stated.

The company's CEO, Jonathan Bates, has also outlined plans to enable ETH staking on their substantial holdings, which WOULD generate additional yield and potentially create a new revenue stream.

This move aligns with the company's goal to become a key player in the Ethereum ecosystem and attract institutional capital.

Whether this treasury strategy sustains remains to be seen. But BitMine just proved you can MOVE fast and accumulate billions—if you time it right.