Investing.com — BitMine Immersion (NASDAQ:IMMR) stock soared 12% Monday morning after the company announced that its Ethereum holdings have exceeded 1.15 million tokens, valued at more than $4.96 billion, making it the largest ETH treasury in the world.
The company launched its ETH Treasury strategy on June 30, and in just five weeks has significantly expanded its position. BitMine increased its ETH holdings by $2.0 billion in the past week alone, growing from 833,137 to 1.15 million tokens.
“We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” said Thomas “Tom” Lee of Fundstrat, who serves as Chairman of BitMine’s Board of Directors.
BitMine now ranks as the third largest crypto treasury in the world, behind only Microstrategy (NASDAQ:MSTR) and Mara Blockchain. The stock has become one of the most widely traded in the US, with average daily dollar volume of $2.2 billion over a recent 5-day period, ranking #25 in the US ahead of JPMorgan and Micron Technology (NASDAQ:MU).
The company has also emerged as the top foreign equity pick among South Korean retail investors, who have poured a net $259 million into BitMine shares since the start of July, according to the Korea Securities Depository.
ETH reached a high of $4,349 on Monday before pulling back slightly.
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