• BitMine’s stock surged 8% after revealing a massive 3.24 million ETH holding.
• The firm is now the largest Ethereum treasury in the world and the second-largest crypto holder overall, behind Strategy.
• Chairman Tom Lee says the firm accelerated ETH purchases during a market “price dislocation,” calling it a rare opportunity.

BitMine shares surged more than 8% after the company disclosed one of the largest Ethereum holdings in corporate history — a staggering 3.24 million ETH — while doubling down on a strategy to accumulate even more during market downturns. The announcement, delivered in a press release on October 20, has intensified investor attention on the company’s aggressive on-chain treasury model.

According to the update, BitMine Immersion Technologies added 203,800 ETH last week alone, a purchase valued at roughly $800 million. The buy occurred during one of the market’s most severe deleveraging events of the year, a moment BitMine’s leadership viewed as a calculated opportunity rather than a setback.

Chairman Thomas “Tom” Lee said the firm seized what he described as a rare “price dislocation,” adding that the move accelerates BitMine’s long-term goal — something the company calls the “Alchemy of 5%,” referring to a target allocation strategy tied to Ethereum’s expected supercycle.

“The crypto market saw one of its largest deleveraging events ever last week, and that pushed ETH prices sharply lower. Open interest is back to where it was on June 30, when ETH was trading at $2,500. Given the supercycle we expect for Ethereum, this dislocation offers an exceptional risk-to-reward setup.”

BitMine’s Growing Influence in Corporate Crypto Treasuries

The company’s updated holdings reveal a portfolio far larger and more diversified than many expected. Alongside its Ethereum position, BitMine reported $219 million in unencumbered cash, a smaller 192 BTC reserve, and a $119 million stake in Eightco Holdings — part of its high-growth “moonshot” investment collection. Altogether, BitMine’s crypto, cash, and equity assets total $13.4 billion, positioning it as the second-largest corporate crypto treasury globally, behind only Michael Saylor’s Strategy.

The announcement not only altered BitMine’s financial profile but also jolted its market performance. Following the update, BitMine stock extended its months-long rally, supported by sustained ETH accumulation and a surge in investor interest toward blockchain-integrated treasury models.

Data from Fundstrat shows BitMine is now the 33rd most traded stock in the United States, recording an average daily turnover of $2.1 billion. That places it just behind Costco and ahead of giants like Eli Lilly — a rare achievement among more than 5,700 publicly listed companies. Together, BitMine and Strategy now account for 88% of global digital-asset-themed trading volume, a concentration that highlights both institutional appetite and market confidence in crypto-linked equities.

BitMine’s stock momentum also follows Ethereum’s own recovery. According to crypto.news, ETH has climbed nearly 3% in the past 24 hours, recovering above $4,000 after a sharp deleveraging wave that wiped billions in open interest from the market. As Ethereum steadies, BitMine’s aggressive accumulation strategy is increasingly seen as a bullish signal by traders and analysts watching the corporate crypto landscape.