Core Insights - Bitmine Immersion Technologies (BMNR) has surpassed Marathon Digital to become the world's second-largest crypto treasury holder, with total holdings of $13.4 billion, including 2.83 million Ethereum and $456 million in cash [1][2] - Bitmine's Ethereum reserves are valued at approximately $12.83 billion, representing over 2% of the total ETH supply, driven by aggressive accumulation in Q3 [2][3] - The company's stock performance has improved significantly, with a 41.7% increase in the past month, leading to a market cap of $17.7 billion [3] Company Strategy - Bitmine aims to acquire 5% of Ethereum's circulating supply as part of its long-term strategy, supported by notable investors such as ARK Invest and Galaxy Digital [3] - Chairman Tom Lee has emphasized the company's commitment to Ethereum and the potential for AI integration, highlighting discussions with Ethereum core developers at the Token 2049 conference [4][5] Market Performance - Ethereum's price has surged 4% intraday, reaching $4,719, marking the strongest single-day rally since October 1, indicating renewed investor optimism [6]