BitMine claims world’s largest ETH treasury after amassing 833,137 ether; Bill Miller III takes stake
BitMine Immersion Technologies says it now holds more than $2.9 billion in ether, becoming the world’s largest ETH treasury by its count. As of August 3 at 6:30 p.m. ET, the company reported holdings of 833,137 ETH valued at $3,491.86 per coin. The ETH accumulation began with a treasury strategy launched June 30 (closing July 8), and BitMine says its crypto holdings place it among the three largest corporate crypto treasuries globally, behind MicroStrategy and Marathon.
The company’s goal is to acquire 5% of all ETH—an ambition leadership refers to as the “alchemy of 5%.” Chairman Thomas Lee said BitMine grew its ETH from zero to more than 833,000 in 35 days, emphasizing both the speed of capital deployment and the liquidity of the stock. Fundstrat data cited by the company show BMNR averaged $1.6 billion in daily trading value over the past five sessions, ranking it 42nd among U.S.-listed stocks by that measure.
Iconic investor Bill Miller III has taken a significant stake in BitMine, joining a group of institutional backers cited by the company that includes ARK’s Cathie Wood, MOZAYYX, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital. Miller, who invested in MicroStrategy in 2020 as it pivoted to a bitcoin treasury strategy, said BitMine could be “very profitable” once it begins staking ETH, highlighting management discipline and capital allocation as key factors.
BitMine describes itself as a Bitcoin and Ethereum network company focused on accumulating crypto through mining and capital markets. Its operations span low-cost energy regions in Trinidad and Texas (Pecos and Silverton). Beyond self-mining, the company has offered advisory services around hashrate and bitcoin-denominated revenues.
Additional context and analysis
– Scale of the target: Acquiring 5% of ETH would imply several million coins based on current circulating supply, far above BitMine’s present 833,137 ETH (roughly well under 1% of supply). Achieving that target would require substantial, sustained capital and access to liquidity without materially disrupting markets.
– Staking path to yield: If BitMine stakes a large portion of its ETH, it could generate ongoing protocol rewards that help fund operations. Staking returns vary with network conditions, validator performance, and overall participation, and they carry technical and regulatory risks.
– Liquidity and volatility: A top-50 U.S. ranking by dollar trading volume suggests heavy investor attention but also potential price swings as market participants react to treasury updates and ETH price moves.
– Strategic echo: The approach resembles bitcoin-focused treasury strategies some companies have pursued, but the ETH component introduces differences such as staking economics, fee burn, and broader on-chain utility tied to smart contracts.
Risk considerations
Statements about future ETH acquisitions, staking profitability, and long-term value are forward-looking and depend on BitMine’s access to financing, market conditions for ETH, operational execution, technology risks, competition, and regulation. Crypto asset prices can be volatile, and outcomes may differ from company projections.
Summary
– BitMine reports 833,137 ETH (~$2.9 billion), claiming the largest ETH treasury globally.
– Bill Miller III has taken a significant stake, joining a roster of notable institutional supporters.
– BMNR’s recent five-day average trading value was $1.6 billion, ranking 42nd in the U.S., per Fundstrat.
– The company targets accumulating 5% of ETH and plans to stake ETH to generate yield.
– Execution will hinge on continued capital access, market liquidity, and risk management.
Hopeful outlook
If BitMine successfully scales staking and risk controls while maintaining access to capital, its ETH treasury could evolve into a yield-generating digital infrastructure platform that supports Ethereum’s security and broadening institutional adoption.