BitMine Buys $820M Worth of Ethereum As ETH Price Rebound

BitMine Immersion Technologies, a cryptocurrency investment company led by Thomas “Tom” Lee of Fundstrat, has purchased $820 million worth of Ethereum as the ETH price has sharply risen.

BitMine now holds over 2.83 million ETH, making its crypto and cash worth more than $13.4 billion. Its portfolio also includes 192 Bitcoin, $456 million in cash, and a $113 million stake in Eightco Holdings.

These holdings make BitMine the world’s largest holder of Ethereum and the second-largest crypto holder overall, after Strategy Inc., which owns over 640,000 Bitcoin worth approximately $79 billion.

Ethereum Rally Boosts Bitmine’s Stock

The announcement comes amid a surge in Ethereum’s price, which hit $4,598 after gaining 1.85%  in a day and more than 211% in the past six months, according to TradingView data.

As a result, BitMine’s stock (BMNR) climbed 9% to $61.90 amid rising investor interest. The company’s share price has surged by 631% this year and 782% over the past six months, making it one of the fastest-growing blockchain stocks on Wall Street.

In addition, Bitmine now averages $2.5 billion in daily trading, making it the 28th most-traded stock in the U.S., right behind JP Morgan and ahead of Nike. This indicates strong investor confidence in the company’s financial strategy.

Growing Institutional Demand Fuels Ethereum Inflows

Data from CoinShares shows rising institutional interest in Ethereum as the firm reported $1.48 billion flowing into Ethereum last week, bringing total inflows this year to a record of $13.7 billion, almost three times more than last year.

Ethereum’s price is expected to benefit from rising institutional staking and the growing adoption of blockchain in financial markets. The launch of the first Ethereum staking ETF has further boosted demand and strengthened expectations of wider institutional participation in ETH.