BitMine Immersion Technologies announced its rapid growth and significant control over Ethereum funds, becoming the largest treasury of Ethereum in the world.
BitMine Immersion Technologies Growth
BitMine Immersion Technologies reported an increase in its crypto holdings, now valued at over $6.612 billion. The company currently owns 1,523,373 Ethereum and 192 Bitcoin, making it the largest Ethereum treasury globally. This milestone was reached just weeks after launching its ETH treasury strategy, with the company adding more than 373,000 ETH in six weeks, boosting its reserves by $1.7 billion.
Stock Market Activity
BitMine has also become one of the most actively traded stocks in the United States, with a five-day average daily dollar volume of $6.4 billion as of August 8th. As of this writing, the stock has fallen 1.40% to $57.00, primarily due to a decline in Ethereum's price.
Ethereum's Role in Financial Transformations
Chairman of BitMine, Tom Lee, compared Ethereum's long-term significance to the U.S. leaving the Gold standard in 1971, arguing that blockchain and its infrastructure could lead to similar transformations in the financial system. He stated, 'We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years.'
The rapid accumulation of assets by BitMine signals a growing institutional interest in Ethereum, which is becoming a leading digital asset and a foundation for future financial innovation.
