BitMine, an Ethereum-focused firm, announced that its shares have become one of the most heavily traded equities in the United States.
In its Aug. 25 disclosure, the company referenced Fundstrat data showing that its stock recorded an average daily trading volume of $2.8 billion over the five trading days ending Aug. 24.
That figure placed BitMine 20th nationwide, behind Coinbase at 19th, while surpassing JPMorgan at 27th and Palo Alto Networks at 21st out of more than 5,700 publicly listed companies.
This surge in trading activity coincides with the company’s pivot toward Ethereum. Market data from Google Finance indicates that BitMine’s stock soared nearly 1,000% during the transition, reaching a peak of $135 before retreating to $53.49 at the latest check.
This showed that the heightened liquidity has drawn stronger investor attention and amplified its volatility.
Ethereum accumulation
Beyond market performance, BitMine is also accelerating its accumulation of Ethereum.
The firm revealed that, as of Aug. 24, it controlled 1.71 million ETH, valued at $4,808 per token at the time of reporting. Its balance sheet also included 192 BTC and $562 million in available cash, bringing total holdings to $8.82 billion.
That scale makes BitMine the largest holder of Ethereum globally and the second-largest corporate crypto treasury overall, behind Strategy, which maintains a Bitcoin reserve worth about $71 billion.
The firm began its Ethereum treasury program on June 30 and completed its initial phase less than two weeks later. Since then, the firm has aggressively acquired ETH, evidenced by its purchase of more than 190,000 ETH last week.
Chairman Thomas “Tom” Lee attributed the rapid buildup to strong institutional demand, which enabled BitMine to raise $2.2 billion in just seven days.
According to him:
“This is the second week that BitMine has been able to raise capital from institutional investors at this pace, as we pursue the ‘alchemy of 5%’ of ETH.”
Lee emphasized that the company views Ethereum as a long-horizon opportunity. He argued that Wall Street adoption and the integration of artificial intelligence with blockchain networks could make Ethereum the backbone of the next financial system.
Mentioned in this article
