BitMine Immersion Technologies (BMNR) has just made a big move in the crypto world by becoming the largest corporate holder of Ethereum (ETH). The company now owns over 1.52 million ETH—worth around $6.61 billion—making it the second-largest public holder of digital assets after MicroStrategy, which famously holds billions in Bitcoin.

Led by Tom Lee, founder of Fundstrat, BitMine began building its Ethereum treasury in June and has been buying ETH aggressively ever since. Just last week, the company added more than 373,000 ETH to its holdings, increasing its stash by $1.7 billion in only seven days. Lee sees Ethereum as a long-term investment with strong potential for growth over the next 10 to 15 years, especially with its role in AI, decentralized finance (DeFi), and other institutional applications.

BitMine isn’t alone in this strategy. More companies like SharpLink Gaming and The Ether Machine are starting to build up their ETH reserves. As U.S. regulations become clearer and more supportive of institutional crypto investment, corporate treasuries are turning to Ethereum as a way to gain exposure to blockchain without directly owning tokens. These moves are attracting both institutional and retail investors who want to participate in the crypto market without the usual risks.

BitMine’s stock has gained attention too—it’s now the 10th most liquid U.S.-listed stock, with $6.4 billion traded daily. This high volume shows growing interest in crypto-related stocks from large investors looking for innovative opportunities.

However, the crypto market is still volatile. After hitting nearly $4,800 recently, ETH prices fell below $4,300, leading to a 7% drop in BMNR shares. Other crypto-focused companies also saw declines—SharpLink Gaming dropped 3%, while Solana-related firms like Upexi and DeFi Development were down 6% and 9%.

Despite short-term price swings, BitMine is sticking to its goal: owning up to 5% of all Ethereum in circulation. The company believes this strategy will support the broader adoption of Ethereum by institutions and strengthen its own position as a global leader in corporate crypto investments.

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