Subscribe to Bankless or sign in
BitMine Immersion Technologies has amassed more than 300,000 ETH—worth over $1 billion—cementing its position as a leading institutional treasurer of 
Ethereum and signaling Wall Street’s growing “ETH‑pilled” trend.
What’s the Scoop?
- $1B ETH Treasury: The NYSE-listed firm now holds approximately 300,657 ETH, marking a jump from around $500 million just days ago.
- Stock-Fueled Strategy: After raising $250 million via private placement and appointing Tom Lee as board chair, BitMine more than doubled its ETH stash—from ~163K to 300K ETH.
- Institutional Validation: The move, alongside Peter Thiel’s 9.1% stake via Founders Fund, triggered stock rallies between 15–30%, reflecting investor confidence in its ETH pivot.
- Staking Ambitions: BitMine targets staking up to 5% of the total ETH supply—using on‑chain yields to mirror the MicroStrategy model but with staking rewards.
- Volatility Warnings: While ETH accumulation sparks enthusiasm, the company’s stock has seen sharp swings (e.g., +45% intraday), highlighting execution and market-risk challenges.
0
0
