BitMine Expands Ethereum Treasury to $11B Amid Market Surge

BitMine Immersion Technologies has substantially expanded its Ethereum treasury to 2.65 million ETH, valued at approximately $11 billion, making it the world's largest publicly traded Ethereum treasury and the second-largest crypto treasury overall after StrategyInc. The company also holds 192 Bitcoin and $436 million in cash, bringing total assets to about $11.6 billion. This expansion includes acquisitions throughout September, with recent purchases totaling nearly $1 billion in ETH, significantly outpacing its nearest Ethereum rival. Chairman Tom Lee highlighted Ethereum's critical role as infrastructure intersecting artificial intelligence and financial markets, and the company aims to acquire 5% of the total ETH supply. Despite the impressive accumulation, the stock has experienced volatility, trading around $53.60 with a recent slight weekly decline, although analysts have responded positively to BitMine's strategic growth. Supported by prominent investors like ARK's Cathie Wood and Galaxy Digital, BitMine's stock is seen as more than a mining play, reflecting strong investor interest in its crypto treasury expansion.