BitMine Stock Surges 6% as Ethereum Holdings Hit a Staggering $11 Billion – But There’s a Catch

Core Insights - BitMine Immersion Technologies has significantly expanded its Ethereum treasury, holding 2.65 million ETH valued at $11 billion, alongside 192 Bitcoin worth approximately $21.6 million and $436 million in cash [1][2] - The company has become the world's largest publicly traded Ethereum treasury firm, with total assets nearing $11.6 billion [2] - BitMine's recent acquisition of 234,846 ETH, valued at about $980 million, has widened the gap between it and its nearest rival, SharpLink Gaming, which holds $3.37 billion in Ethereum [3][4] Company Strategy - The company has aggressively accumulated Ethereum, surpassing both gaming firms and exchanges in on-chain balances [7] - Recent purchases include 46,255 ETH worth $201 million from BitGo and 80,325 ETH worth $358 million from Galaxy Digital and FalconX [4] - Company chairman Tom Lee has linked Ethereum's potential to emerging "supercycles" in artificial intelligence and cryptocurrency, positioning it as a reliable choice for neutral blockchains [5] Market Reaction - Despite a 6% increase in stock price following the announcement, BitMine's shares remain down nearly 4% over the past week, indicating a disconnect between crypto expansion and shareholder sentiment [1][6] - BitMine now accounts for over a third of all Ethereum held by corporate entities, representing nearly 35% of the total [6]