BitMine’s Ethereum strategy fuels 8% stock surge
BitMine Immersion Technologies saw its stock rise 8% after disclosing a massive 3.24 million ETH holding and plans to buy even more during market downturns.
In an Oct. 20 press release, the firm revealed it added 203,800 Ether during last week’s market deleveraging, a purchase worth roughly $800 million. This move brings BitMine’s total Ethereum treasury to 3.24 million tokens.
Chairman Thomas “Tom” Lee said the company capitalized on “price dislocation” to accelerate progress toward its “Alchemy of 5%” target, aiming to capture strategic market opportunities during volatility.
BitMine’s Ethereum bet reshapes corporate crypto strategy
BitMine reported $219 million in unencumbered cash, 192 Bitcoin, and a $119 million equity stake in Eightco Holdings. Combined, the firm’s crypto, cash, and “moonshot” investments total $13.4 billion, making it the second-largest corporate crypto treasury globally, behind only Michael Saylor’s Strategy.
The announcement triggered an 8% rally in BitMine’s shares, extending a months-long uptrend fueled by aggressive ETH accumulation and growing investor confidence in crypto-linked corporate models.
According to Fundstrat, BitMine is now the 33rd most traded U.S. stock, with daily turnover of $2.1 billion—ranking just behind Costco and ahead of Eli Lilly. Alongside Strategy, the two companies represent 88% of all global digital asset–related equity trading volume.
Ethereum rebound lifts BitMine’s outlook
BitMine’s stock momentum continues to mirror Ethereum’s recovery. ETH has gained nearly 3% in the past 24 hours, reclaiming the $4,000 level after last week’s sell-off.
As the market stabilizes, BitMine’s bold accumulation strategy signals confidence in Ethereum’s long-term value, further positioning the company as a key institutional player in the evolving crypto landscape.
