Largest Ethereum treasury firm BitMine adds 317,000 ETH to push holdings worth nearly $4.9 billion

Ethereum treasury firm BitMine Immersion (BMNR) said Monday its ether holdings have surpassed 1.15 million tokens, valued at about $4.9 billion, a level the company says makes it the largest corporate ETH treasury globally.

The disclosure extends BitMine’s rapid accumulation this summer and makes it the first digital asset treasury company to surpass 1 million ETH. Previously, The Block reported the company at 625,000 ETH alongside a $1 billion stock repurchase program, and then 833,000 ETH worth $2.9 billion on Aug.4 as buys accelerated. Monday’s announcement suggests the NYSE-listed firm added 317,000, or $1.3 billion worth of tokens, to its holdings since last week. The firm did not detail new financing in today’s statement.

BitMine has positioned itself as an Ethereum-denominated treasury and staking company at a time when corporate ETH balance sheets are growing and institutional adoption is maturing. The Block’s data shows Ethereum treasuries have climbed past $10 billion across tracked entities like SharpLink Gaming and Bit Digital.

BitMine chairman Tom Lee, also co-founder of Fundstrat, said on CNBC that Ethereum could be entering a “2017 Bitcoin” moment fueled by three key drivers: a regulatory green light for stablecoins, signs of SEC openness to moving finance onchain, and major firms such as JPMorgan and Robinhood building on Ethereum.  Lee floated the prospect of an “Ethereum MicroStrategy” era and said prices could move from roughly $3,700 to $30,000 or more if those trends compound.

ETH traded for $4,189, 14% away from its previous all-time high, The Block’s price page shows. BMNR surged 9% after the latest treasury announcement, while BitMine shares are up 634% since January, according to Yahoo Finance data.