tl;dr
BitMine Immersion (BMNR) leads a strong rally as the world’s largest Ethereum treasury company, with its stock price rising 111% to $67.62 and a market cap of $7.52 billion, still 58% below its all-time high. BMNR holds over 1,150,263 ETH tokens valued at approximately $4.96 billion. Co-founder Tom ...
BitMine Immersion (BMNR) is leading a spectacular rally, currently standing as the world’s largest Ethereum treasury company. BMNR’s aggressive Ethereum accumulation propels its stock price to $67.62, marking an impressive 111% increase since Wednesday, climbing from a $32 base to $69.80 early this week. Despite this surge, BMNR’s market cap of $7.52 billion remains 58% below its all-time high reached in late July.
The company recently revealed its Ethereum holdings have soared beyond 1,150,263 tokens, valued at approximately $4.96 billion based on the current ETH price of $4,311. Tom Lee, BitMine’s co-founder and chairman, reaffirmed the ambitious target to acquire 5% of all existing Ethereum. Within just one week, BitMine boosted its ETH holdings by $2 billion, illustrating rapid growth and strong liquidity compared to other crypto treasury counterparts.
SharpLink Gaming Inc (SBET), Ethereum co-founder Joseph Lubin’s backed firm and the second-largest ETH treasury, also experiences gains. With a market cap near $3.18 billion, SBET trades at $25.47, up 50% this month and 7% on the day, reflecting growing investor confidence in Ethereum treasury companies.
In a recent interview, Tom Lee expressed optimism about Ethereum’s price trajectory, forecasting a near-term recovery to $4,000 as a baseline and suggesting potential climbs to $6,000 or beyond by year-end. Lee cited Ethereum’s improved narrative, rising Bitcoin prices, and increased Ethereum treasury purchases as key factors that could drive ETH to $7,000 or even $12,000–$15,000, numbers that may seem ambitious but align with his strategic outlook on the market’s dynamics.