Public companies continue embracing crypto treasury strategies as BitMine’s massive ETH accumulation sparks investor enthusiasm. The move mirrors MicroStrategy’s Bitcoin playbook in the Ethereum ecosystem.
BitMine Immersion Technologies (BMNR) shares jumped 40% after disclosing a $500 million Ethereum treasury position, acquiring 163,142 ETH. The crypto-focused firm led by Fundstrat’s Tom Lee converted $250 million from a recent private placement into ETH within days.
Lee compared the strategy to MicroStrategy’s Bitcoin accumulation, positioning ETH holdings as a potential “Wall Street put” for institutional investors. The price surge follows last week’s 65% drop after BitMine announced a $2 billion share offering, with current shares trading at $4.88 from $6.25 earlier this month.
The treasury move coincides with bitcoin miner BTC Digital allocating $1 million to ETH, calling it “digital gold.” Strategic ETH Reserve reports 1.5 million ETH now held across corporate treasuries and DAOs, despite ETH’s 9% year-to-date decline versus Bitcoin’s 29% gain.
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CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CoinDesk