BitMine stock pops 8% on 3.24 million ETH milestone

BitMine is riding an 8% stock surge fueled by its latest disclosure, which revealed a colossal Ethereum holding of 3.24 million tokens and a bold strategy to acquire even more during market downturns.

According to a press release dated Oct. 20, BitMine Immersion Technologies aggressively added 203,800 Ether (ETH) to its corporate treasury during a significant market deleveraging event last week.

BitMine said the acquisition, valued at roughly $800 million, pushes the company’s total ETH holdings to 3.24 million tokens. Chairman Thomas “Tom” Lee framed the move as capitalizing on a “price dislocation,” stating the firm seized the opportunity to accelerate its progress toward a previously stated goal it calls the “Alchemy of 5%.”

BitMine’s Ethereum bet reshapes corporate crypto strategy

BitMine disclosed $219 million in unencumbered cash, a modest position of 192 Bitcoin, and a $119 million stake in Eightco Holdings, which it classifies under its “moonshots” equity investments. These combined assets bring the firm’s total crypto, cash, and moonshot holdings to a reported $13.4 billion, cementing its position as the world’s second-largest corporate crypto treasury after Michael Saylor’s Strategy.

Notably, the company’s latest disclosure also reshaped its equity performance. BitMine’s stock climbed more than 8% following the update, extending a months-long uptrend driven by aggressive ETH purchases and expanding investor interest in on-chain treasury models.

According to Fundstrat data, BitMine is now the 33rd most traded stock in the United States, with average daily turnover of $2.1 billion, placing it just behind Costco and ahead of Eli Lilly among over 5,700 listed companies. Together with Strategy, the two firms now account for 88% of all global digital asset–themed trading volume, a staggering concentration that reflects both liquidity demand and investor conviction in crypto-tied equities.

BitMine’s stock momentum appears tightly coupled to Ethereum’s market recovery. According to crypto.news data, ETH has rebounded nearly 3% in the past 24 hours, reclaiming the $4,000 mark after last week’s deleveraging shock that saw the broader crypto market shed billions in open interest.