BitMine has swept 833,000 ETH in just 35 days, surpassing SharpLink to become the third largest encryption asset vault in the world.

The Ethereum market has recently welcomed significant news: BitMine Immersion Technologies has rapidly accumulated 833,000 ETH (with a market capitalization exceeding $2.9 billion) in just 35 days, surpassing SharpLink to become the world's third-largest cryptocurrency holder. This astonishing buying spree has not only shocked the institutional circle but also sparked enthusiastic discussions among investors regarding the long-term value of ETH.

BitMine Lightning-Style Increase, Steadily Ranks as Enterprise-Level ETH Leader

According to the announcement on August 4, BitMine currently holds a total of 833,137 ETH, far ahead of the previous industry leader SharpLink (438,000 ETH). This places BitMine just behind Bitcoin giants Strategy (formerly MicroStrategy) and Marathon Digital Holdings in the global encryption asset rankings, firmly securing its position as an "Ethereum corporate giant."

Tom Lee, chairman of the board and co-founder of Fundstrat Global Advisors, stated: "BitMine is chasing the '5% alchemy' of ETH at lightning speed. Our ETH holdings have surged from zero to over 833,000 pieces in just 35 days. The net asset value (NAV) of each share of crypto assets has rapidly increased, along with the high liquidity of the stock, making us stand out in the industry."

BMNR stock trading is booming, institutional funds are flocking in

The stock symbol for BitMine is BMNR, and its recent market performance has been outstanding. Fundstrat data shows that the average daily trading volume of BMNR has reached 1.6 billion USD over the past five days, ranking 42nd among publicly listed companies in the United States, just behind well-known companies like Uber. Since launching its Ethereum strategy, BMNR's stock price has surged over 300%.

Behind this wave of gains is a large influx of institutional funds. Notable investors, including Cathie Wood's Ark Invest, Miller Value Partners, and Bill Miller III, a senior advisor at Patient Capital Management, have all entered the market. Miller supported MicroStrategy's transformation to Bitcoin in 2020, and he believes BitMine is replicating a similar successful model.

Pledging and Management Advantages Drive Long-term Value

Bill Miller III emphasized that once BitMine activates ETH staking, its profitability will significantly increase. He stated: "An excellent management team makes rational decisions based on evidence, demonstrates independent thinking, and aims for returns above the cost of capital in capital allocation." This strategy has attracted the attention of many professional institutions and has brought higher valuation expectations for BMNR.

Looking Ahead: BitMine May Lead a New Wave of Institutional ETH

BitMine's lightning-style accumulation and soaring stock price not only demonstrate institutional confidence in Ethereum but may also become a new catalyst for driving ETH prices and the ecosystem to further prosperity. As more companies engage in staking and long-term allocations, Ethereum's mainstream position is expected to be further solidified.

Conclusion

BitMine took 35 days to achieve an astonishing accumulation of 833,000 ETH, surpassing SharpLink to become the third largest encryption asset repository in the world. This move not only changes the holding pattern of Ethereum institutions but also injects new confidence into the market. In the future, with the increase in staking returns and institutional participation, ETH is expected to usher in a broader growth space.