This valuation marks a significant $2 billion increase from the $2.9 billion worth of ETH Bitmine reported holding just one week prior. The company initiated its dedicated ETH treasury strategy on June 30, with the transaction closing July 8.

In the five weeks since launching the strategy, Bitmine explained it has rapidly scaled its holdings. The $4.96 billion in ETH, combined with other crypto assets, pushes Bitmine’s total crypto treasury value beyond $4.98 billion. This positions Bitmine as the third-largest holder of cryptocurrency treasury assets globally, trailing only Strategy and Marathon Digital Holdings (Mara Blockchain).

Concurrently, Bitmine’s stock (NYSE AMERICAN: BMNR) has become one of the most actively traded in the U.S. Recent data shows an average daily trading volume of $2.2 billion over five days ending August 8. This liquidity ranks Bitmine as the 25th most liquid U.S.-listed stock, placing it between Costco Wholesale Corp. and JPMorgan among over 5,700 listed companies.

Tom Lee, chairman of Bitmine’s board, highlighted the speed of accumulation. “In just a week, Bitmine increased its ETH holdings by $2.0 billion… lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH,” Lee stated. He emphasized leadership in both crypto net asset value per share growth and stock trading liquidity. Bitmine’s strategy is backed by institutional investors including Ark Invest, Founders Fund, and Pantera Capital.

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