BitMine Immersion Technologies, Inc. BMNR is aggressively investing in Ethereum ETH/USD, with its current holdings far exceeding those of the network's co-founder, Vitalik Buterin.

BMNR is gaining ground. Track live prices here.

Get Started

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Get Started

Disclosure: 82% of retail CFD accounts lose money

World’s Biggest Ethereum Reserve

The company revealed holding 833,133 ETH tokens, worth nearly $3.0 billion, on Monday, making it the world's largest Ethereum treasury and the third-largest cryptocurrency treasury overall.

Interestingly, Ethereum’s co-founder Buterin owns far fewer ETH than this. According to blockchain analytics firm Arkham, the wallet tied to Buterin holds 240,042 ETH as of this writing, roughly a quarter of BitMine’s holdings.

See Also: Eric Trump Advises To Buy Bitcoin, Ethereum Dips — Last Time He Said This, The Two Coins Fell To Their Yearly Lows In Barely 45 Days

Wall Streeters Bet On ETH Play

Previously a small-cap Bitcoin BTC/USD mining firm, BitMine's fortunes have soared since switching to an ETH treasury strategy. The company wants to acquire 5% of the circulating ETH supply.

The company roped in popular Wall Street analyst Tom Lee as Chairman, while seasoned investors like Cathie Wood and Peter Thiel have acquired significant stakes.

The Strategy Playbook

BitMine is replicating the cryptocurrency treasury blueprint popularized by Michael Saylor’s Strategy Inc. MSTR, but has opted for ETH over BTC.

Lee said earlier that ETH will play a crucial role in the banking sector's future, and the company wants to "get in front" of the impending accumulation by Wall Street giants.

Price Action: At the time of writing, ETH was trading at $114,57, up 3.12% in the last 24 hours, according to data from Benzinga Pro.  

BitMine shares were up 1.51% in pre-market trading after closing 1.74% lower at $31.13 during Monday’s regular session. Since adopting the ETH treasury strategy, the stock has exploded 630%.

As of this writing, the stock demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how Strategy and other Bitcoin-buying companies stack up.

Read Next: 

• Tom Lee Calls Ethereum The ‘Biggest Macro Trends For The Next 10–15 Years’ As BitMine Becomes Largest ETH Holder With $3 Billion Treasury

Photo: Shutterstock