BitMine Stock Surges as Ethereum Treasury Tops $11B

BitMine stock surge is back in focus as the company revealed a massive jump in its Ethereum holdings. On Monday, shares of BitMine Immersion Technologies gained more than 6% after it disclosed another large ETH purchase. The Las Vegas-based firm now holds 2.65 million Ethereum, valued at nearly $11 billion. That stash makes BitMine the world’s largest public Ethereum treasury holder.

Although the stock traded at $53.60 after the news, it remained down about 4% over the past week. This mixed reaction highlights the tension between BitMine’s aggressive crypto strategy and broader market sentiment.

Ethereum Treasury Growth Strengthens Position

BitMine added 234,846 ETH over the past week, worth almost $980 million. These purchases extended a series of acquisitions made throughout September. On September 19, records showed BitMine buying $69 million worth of ETH via Galaxy Digital’s desk. Earlier that month, the company settled two more bulk transfers worth $201 million and $358 million.

As a result, BitMine has widened its lead over SharpLink Gaming, which holds $3.37 billion in Ethereum. Globally, BitMine now ranks as the second-largest crypto treasury overall, trailing only StrategyInc., which controls $72 billion in Bitcoin.

Leadership Frames Ethereum as a Long-Term Bet

Company chairman Tom Lee, who also leads Fundstrat, has described Ethereum as central to converging “supercycles” of artificial intelligence and blockchain. In his view, regulatory changes such as the GENIUS Act and SEC’s Project Crypto will push Ethereum to become the neutral choice for secure, scalable blockchains.

Lee even compared these shifts to the U.S. abandoning the gold standard in 1971. According to him, Ethereum’s uptime and reliability make it a unique long-term asset. Still, Monday’s share move shows a split between enthusiasm for ETH and caution among investors.

Market Reaction Remains Mixed

Even after the BitMine stock surge, BMNR shares remain below last week’s levels. This suggests that investors are not fully convinced by the company’s balance-sheet expansion. Many analysts argue that while a large ETH treasury shows confidence, it also raises questions about liquidity risks.

Currently, BitMine controls more than one-third of all Ethereum held by corporate entities. That share highlights how fast the company has moved compared to competitors. Still, the stock market response shows that bold strategies do not always lead to lasting investor confidence.

Institutions Hold More ETH as Exchange Balances Shrink

Treasury data shows that 69 entities now hold 5.26 million ETH, valued at about $21.1 billion. This equals nearly 4.3% of Ethereum’s total supply. Besides BitMine, key holders include SharpLink Gaming with 838,000 ETH, The Ether Machine with 495,000 ETH, and the Ethereum Foundation with 223,000 ETH.

At the same time, ETH balances on centralized exchanges have dropped to their lowest since 2016. Analysts point to three drivers: more investors moving assets into self-custody, higher demand for staking, and increased wallet diversification.

This shift reduces available supply on exchanges, which can affect price movements. Outflows are now at levels last seen during the liquidity crunch of late 2022.

Ethereum Price Outlook

ETH prices remain volatile. The asset fell 6% in September. Yet historical data shows October usually delivers gains, averaging about 5% monthly growth. At press time, Ethereum traded at $4,183, up 0.3% over 24 hours.

Despite uncertainty, BitMine’s strategy highlights growing institutional demand. As firms continue to diversify into Ethereum, the gap between corporate treasuries and retail trading could widen further. The BitMine stock surge reflects both the promise and risks of this evolving landscape.

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