How BitMine Became the Kingpin of Ethereum With $10B and a Wink 🤯

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Behold the curious case of BitMine Immersion Technologies (BMNR), a corporation whose very name promises a plunge into the cryptographic abyss-immersing itself, that is, in Bitcoin mining, but now gallantly hoarding a treasury of Ethereum tokens so vast it might make a dragon jealous. Their latest exploit? A gargantuan snatching up of exactly 234,846 ETH, for the modest sum of $936 million. As a result, BitMine now clutches over 2.65 million shimmering tokens-thus crowning itself the sovereign of Ethereum vaults worldwide.

The company puffed out its chest in the latest communiqué, announcing possession of 2,650,900 ETH, each acquired at a princely $4,141 (a bargain for some, madness for others). Not only do they hoard the mightiest Ethereum treasure, but they also stand proudly just behind MicroStrategy Inc., which, clutching 639,835 Bitcoin valued at a cozy $71 billion, rules the broader cryptoverse treasury ranks.

“Since ETH’s price is but a bargain ticket to the future,” intoned Thomas ‘Tom’ Lee, the Co-Founder of Fundstrat and Chairman of BitMine (because what’s a treasury without an optimist?), “this bodes well for our beloved token and is precisely why the lion’s share of our riches rests in ETH.” As per his August soliloquy, the “alchemy of 5%” is not mere financial fairy dust but a potent formula exploiting the power law-because riches, dear reader, flow more readily to the already rich.

Now, with more than 2% of all ETH tokens in their coffers, BitMine eyes a rather ambitious goal: 5%. Yes, half a decimal point away from a complete gobbling of Ethereum itself, or at least a jaw-dropping slice of it.

BitMine: Treasury Expansion or Crypto’s Version of Monopolizing the Playground?

Sporting the enviable title of 26th most traded stock in the U.S.-with a daily dance of $2.6 billion-BitMine is not just content with Ethereum, oh no. They juggle other treasures too, like a $157 million stake in Eightco Holdings, because variety is the spice of portfolio life. Their cash reserves, a cool $436 million, render them financially robust enough to weather any storm or impromptu black swan party.

And as if crowning this spectacle, last week at Korean Blockchain Week, Tom Lee pronounced Ethereum “a truly neutral chain,” a phrase so diplomatic it might have been plucked from a peace treaty. He also predicted a “super cycle” for ETH lasting a decade or more-because who doesn’t want to hear that their crypto gamble might pay off after a couple of decades? ⏳

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2025-09-29 16:53