Bitmine Reaches 5.77 Million ETH Holdings, Cementing Its Status as Largest ETH Treasury

Bitmine Immersion Technologies (BMNR) has announced its Ethereum holdings have reached 5.77 million tokens, making it one of the largest ETH treasuries in the world. This milestone comes just a year after the company began accumulating crypto for long-term investment.

The addition of Bitmine to the Russell 1000 Large-cap index on June 26 has added hundreds and possibly thousands of institutional investors as equity owners of the company. Chairman Thomas 'Tom' Lee stated that this is expected to boost the Company's shares, making it one of the most widely traded stocks in the US.

As of July 12, Bitmine's total cash and marketable securities stand at $482 million, while its crypto holdings amount to $9.0 billion, primarily made up of staked ETH valued at $1,820 per token. The company has also launched MAVAN (Made in America VAlidator Network), a dedicated staking infrastructure for Bitmine assets.

Bitmine's Chairman, Thomas 'Tom' Lee, believes the company is on track to reach the 'Alchemy of 5%' sometime in 2026, with its current pace of accumulation. He also sees the GENIUS Act and SEC's Project Crypto as transformational to financial services, similar to the 1971 event that ended Bretton Woods.