BitMine goes all-in on Ethereum with record $6.61 billion holdings

In August 2025, BitMine Immersion Technologies Inc, based in the United States, announced significant growth in its cryptocurrency treasury, converting its strategy from Bitcoin mining to focusing on Ethereum. Founded by Tom Lee, the company reported a surge in its Ethereum holdings to approximately 1.52 million tokens, valued at $6.61 billion, making it the largest holder of Ethereum among corporate entities worldwide. This comes after a remarkable increase of over 373,000 ETH just within a week, showcasing the company's aggressive pursuit of Ethereum amidst growing institutional interest. The shift from Bitcoin to Ethereum has been a pivotal transformation for BitMine. In just over a month, the firm transitioned from being recognized as a cryptocurrency miner predominantly dealing with Bitcoin to actively engaging in the broader functionalities of Ethereum. Key to this strategy has been the emphasis on Ethereum's advanced capabilities, such as smart contracts and staking rewards, which Lee argues present a more compelling narrative than Bitcoin’s positioning as “digital gold.” Such a strategy reflects a growing trend within institutional investment circles, where Ethereum is gaining traction for its practical applications. Moreover, Wall Street seems to be beginning to embrace this shift as well, as evidenced by the influx of capital into Ethereum spot ETFs, which saw a record inflow of $2.85 billion recently. This is indicative of a larger trend where institutional investors are diversifying their portfolios to include Ethereum, viewing it as a viable asset class with tangible use cases. The growing market capitalization of Ethereum in comparison to Bitcoin further supports this narrative, as institutions look for yield and functionality in their investments. While BitMine has seen a meteoric rise, marking a 590% increase in its stock value year-to-date, the company has also faced market volatility. Although its shares recently displayed bearish momentum, the strategic pivot towards Ethereum is viewed as a calculated risk that may solidify its standing in the rapidly evolving cryptocurrency landscape. Experts remain divided on the long-term implications of this pivot, particularly regarding whether Ethereum can eventually overtake Bitcoin in market dominance, as it still has a considerable distance to cover in terms of overall market capitalization in comparison to Bitcoin's stronghold.