BitMine Trading Volume Skyrockets Past JPMorgan - $2.8B Frenzy Shocks Wall Street
Digital asset platform BitMine just pulled off the unthinkable—surpassing banking titan JPMorgan in daily trading volume with a staggering $2.8 billion surge.
Wall Street's traditional players are scrambling as crypto platforms demonstrate unprecedented market velocity. The numbers don't lie—BitMine's explosive growth signals a fundamental shift in how capital moves.
While legacy institutions debate quarterly earnings, decentralized platforms are rewriting the rulebook in real-time. The $2.8 billion frenzy represents more than just numbers—it's a verdict on which financial systems actually work in the digital age.
Maybe traditional banks should spend less time on golf course deals and more on blockchain infrastructure. Just a thought.
Ethereum accumulation
Beyond market performance, BitMine is also accelerating its accumulation of Ethereum.
The firm revealed that, as of Aug. 24, it controlled 1.71 million ETH, valued at $4,808 per token at the time of reporting. Its balance sheet also included 192 BTC and $562 million in available cash, bringing total holdings to $8.82 billion.
That scale makes BitMine the largest holder of ethereum globally and the second-largest corporate crypto treasury overall, behind Strategy, which maintains a Bitcoin reserve worth about $71 billion.
The firm began its Ethereum treasury program on June 30 and completed its initial phase less than two weeks later. Since then, the firm has aggressively acquired ETH, evidenced by its purchase of more than 190,000 ETH last week.
Chairman Thomas “Tom” Lee attributed the rapid buildup to strong institutional demand, which enabled BitMine to raise $2.2 billion in just seven days.
According to him:
“This is the second week that BitMine has been able to raise capital from institutional investors at this pace, as we pursue the ‘alchemy of 5%’ of ETH.”
Lee emphasized that the company views Ethereum as a long-horizon opportunity. He argued that Wall Street adoption and the integration of artificial intelligence with blockchain networks could make Ethereum the backbone of the next financial system.
