Tom Lee’s BitMine knocks SharpLink off top spot as Ethereum stockpile crosses $2.9B
BitMine Immersion Technologies has taken the number one spot when it comes to corporate Ethereum holdings.
On Monday, the Las Vegas-based company confirmed that its Ethereum holdings hit 833,137 ETH, putting the total value above $2.9 billion, according to a press release sent through PR Newswire. That massive haul puts the company ahead of SharpLink Gaming, knocking it off the top of the ETH-holding leaderboard.
BitMine’s Ethereum strategy began on June 30 and was finalized by July 8. In just over a month, the company went from holding zero ETH to dominating the global leaderboard.
At this scale, BitMine now ranks as the largest Ethereum treasury in the world and the third largest crypto treasury overall, behind only Strategy and Mara Blockchain. The average price per ETH in this buildup was calculated at $3,491.86, based on Bloomberg data.
BitMine jumps from zero to first place with record speed
Tom Lee, who serves as the Chairman of BitMine’s Board and is widely known from Fundstrat, said the team moved fast for a reason. “BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH, growing our ETH holdings to over 833,000 from zero 35 days ago,” he said.
Tom added that what makes BitMine stand out is how quickly it raised crypto NAV per share and how liquid the company’s stock has become.
Meanwhile, over the last five days, the average daily trading volume of BitMine’s stock has hit $1.6 billion, ranking the company 42nd among all 5,704 U.S.-listed stocks, just behind Uber Technologies, based on Fundstrat’s breakdown of Statista data. That puts BitMine not just at the top of the ETH game, but also on the radar of traditional investors watching stock volume.
Bill Miller III, BitMine’s largest investor and a Strategy backer, said, “Tom Lee and his team have already shown the resolve to grow shareholder value in the manner following Michael’s roadmap. In my experience, the best management teams make rational decisions based upon evidence, exhibit independent thinking, and allocate capital with an objective of earning returns above the cost of capital.”
ETH leaderboard changes as BitMine overtakes everyone
BitMine now sits at the very top with 625,000 ETH in reported supply, worth $2.22 billion. The company owns 0.52% of the total Ethereum supply, with a market cap of $3.56 billion and share price standing at $31.68. Its average daily trade volume hits 1.74 million shares.
In second place is SharpLink Gaming (SBET), holding 438,200 ETH, which is worth $1.56 billion and makes up 0.36% of the total ETH supply. Its market cap is $1.71 billion, with each share priced at $17.14, and it recently gained $285.3 million in value.
Third is The Ether Machine (DYNX) with 334,800 ETH valued at $1.19 billion, followed by the Ethereum Foundation, which owns 233,600 ETH worth $830.1 million. PulseChain Sac takes fifth place with 166,300 ETH totaling $591 million.
Further down the list, Coinbase (COIN) holds 136,800 ETH worth $486.1 million. Bit Digital (BTBT) follows with 120,300 ETH, valued at $427.6 million. Mantle (MNT) comes next at 101,900 ETH for $362 million, with Golem Foundation (GLM) close behind, holding 100,600 ETH worth $357.6 million.
BTCS Inc. (BTCS) owns 70,000 ETH valued at $248.9 million, and Gnosis DAO (GNO) holds 66,600 ETH at $236.7 million. The U.S. Government is on the list too, with 60,000 ETH valued at $213.1 million. Lido DAO (LDO) has 36,100 ETH at $128.5 million, and finally, Ethereum Name Service (ENS) rounds out the top 14 with 25,800 ETH, valued at $91.5 million.
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