Tom Lee’s BitMine Immersion Technologies announced on Monday that it has become the second-largest crypto treasury in the world, behind Michael Saylor’s Strategy .
The firm updated its Ether holdings figures to 1.52 million ETH worth around $6.6 billion. Even with the asset’s retreat, that huge stash is worth more than the $5.88 billion in Bitcoin that MARA holds.
The firm stated that it now holds 373,110 more ETH than a week ago, and its stash is $1.7 billion higher than a week ago.
Super-aggressive Accumulation
“In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion, as institutional investors have expressed interest and support for our pursuit of the ‘alchemy of 5%’ of ETH,” said Fundstrat’s Tom Lee, who is also the Chairman of BitMine.
“As we continue to say, we are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”
Lee echoed comments he made last week, stating that Ethereum is one of the biggest macro trades over the next 10-15 years.
“Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system,” he said before adding that “the majority of this is taking place on Ethereum.”
Ether is emerging as a direct way to gain exposure to the “expected meteoric growth” in stablecoins as the Ethereum network hosts most of these assets, JP Morgan analysts wrote in a note last week.
Ethereum currently has more than 55% market share of total tokenized real-world assets on-chain value, including stablecoins, according to RWA.xyz.
BitMine has 37% market dominance in the Ethereum treasury sector, which is currently worth $17.6 billion with more than 4 million ETH accumulated by corporations, according to SER. The firm has targeted a $20 billion Ether treasury.
Meanwhile, BTCS Inc. became the first public company to issue a dividend in ETH this week.
ETH Price Retreats
ETH prices have continued to retreat, however, as the crypto market correction deepens and the chances of it hitting an all-time high this month dwindle.
Ether recovered from Monday’s low of $4,250 but failed to move higher than $4,380, retreating back below $4,300 again during the Tuesday morning Asian trading session.
The asset has now corrected 10% from its 2025 high and is currently trading around support levels. A breakdown from here could result in a fast fall below $4,000, however.
