BitMine Immersion Technologies announced that it added over 373,000 Ethereum (ETH) worth $1.7 billion to its treasury last week.
Thus, the company's total assets reached $6.6 billion, holding more than 1% of the total ETH supply.
The latest data shows that BitMine has moved into second place in the cryptocurrency rankings, with only market leader Strategy ahead of the company.
“We added $1.7 billion worth of ETH in just one week. The interest and support from institutional investors strengthens our strategy to target 5% of the ETH supply,” BitMine President and Fundstrat CIO Tom Lee said in a statement.
Lee also evaluated the GENIUS Act and the SEC's Project Crypto initiatives, which came into force in the US, as a historic turning point:
“For financial services in 2025, these developments are as transformative as the US ending the Bretton Woods system and the dollar gold standard on August 15, 1971. Just as that era led to the modernization of Wall Street and the birth of the financial system we know today, these steps will create a similarly massive shift for the crypto market.”
*This is not investment advice.
