Tom Lee Calls Ethereum The 'Biggest Macro Trends For The Next 10–15 Years' As BitMine Becomes Largest ETH Holder With $3 Billion Treasury

Fundstrat Global Advisors Head of Research Tom Lee said Ethereum ETH/USD is among the “biggest macro trends for the next 10-15 years” as BitMine Immersion Technologies Inc. BMNR announced on Monday it now holds 833,133 ETH tokens valued at $3.0 billion.

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BitMine Achieves Record ETH Holdings

BitMine launched its ETH treasury strategy on June 30, completing the initial phase on July 8. The company now holds the world’s largest Ethereum treasury and ranks third globally in crypto holdings behind MicroStrategy Inc. MSTR and MARA Holdings Inc. MARA.

“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH growing our ETH holdings to over 833,000 from zero 35 days ago,” said Lee, who serves as chairman of BitMine’s board.

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Institutional Backing Strengthens Position

Iconic investor Bill Miller III, senior advisor to Miller Value Partners, recently took a significant stake in BitMine. He joins institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Pantera, Kraken, Digital Currency Group, and Galaxy Digital, supporting BitMine’s goal of acquiring 5% of the total ETH supply.

Miller III previously invested in MicroStrategy in late 2020 following its Bitcoin treasury pivot. “What is intriguing is BitMine is set to be very profitable once the Company turns on ETH staking,” Miller III stated.

Market Liquidity Surge

BitMine now ranks as the 42nd most liquid U.S. stock, trading an average $1.6 billion daily volume over five sessions, according to Fundstrat data. This places BMNR behind Uber Technologies Inc. UBER among 5,704 U.S.-listed stocks.

Lee previously emphasized Ethereum’s institutional adoption, noting JPMorgan Chase & Co. JPM built its stablecoin on Ethereum while Robinhood Markets Inc. HOOD develops tokenization infrastructure on the platform.

Price Action: Bitmine Immersion Technologies closed at $31.13 on Monday, down 2.96%, but rose 1.92% after hours. The stock is up 344.71% year to date. Meanwhile, Ethereum traded at $3,656.62, up 3.49% in the last 24 hours, with a market cap of $441.38 billion and a 9.86% gain year to date.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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