Bitmine Immersion Technologies has become the first corporation to accumulate more than a million ETH for its strategic treasury.

On Monday, the firm announced that its ETH holdings had reached 1.15 million tokens worth around $4.9 billion.

It added that this total is 317,126 more than a week ago, and the treasury value is around $2 billion higher relative to that period.

1/4

BitMine today announced ETH holdings of 1,150,263 tokens:

ETH holdings of 1,150,263 is valued at $4.9 billion ($4,300 ETH)

317,126 more ETH than a week ago

$2.0 billion higher than a week ago

link ⛓️:https://t.co/o0YJ7yqrjs

Ethereum Treasurys on Fire

Bitmine launched its ETH treasury strategy on June 30 and has passed several key milestones since then, including becoming the largest Ether treasury in the world.

With almost $5 billion in holdings, it also ranks as the world’s third-largest crypto treasury, behind only Strategy and Mara Holdings.

“In just a week, Bitmine increased its ETH holdings by $2 billion to $4.96 billion, lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH,” said Tom Lee of Fundstrat, and chairman of Bitmines Board of Directors.

The firm has the largest share of overall ETH treasury holdings with 34% of a total of 3.49 million ETH. The next closest is SharpLink, which has just under 600,000 ETH, or around 17%.

Ethereum treasury companies, of which there are only 12, now hold 2.9% of the entire supply of the asset. Meanwhile, spot Ether ETFs hold around 5% of the total circulating supply.

Bitmine (BMNR) is now one of the most widely traded stocks in the US, according to data from Fundstrat, which reported that the it has generated an average daily dollar volume of $2.2 billion.

Its value has skyrocketed more than 1,300% since it started stacking and staking ETH and is also up 14.7% from Monday, reaching $60 in after-hours trading, according to Google Finance.

The crazy mf actually did it.

Tom Lee is the first to 1m ETH.

New buys revealed show 1.2m ETH ($5 billion).

In one month he’s made it 20% of the way to his goal to acquire 5% of all ETH supply.

12x faster than Saylor.

We are past the moon headed toward the andromeda galaxy. pic.twitter.com/dlvf1tUmxv

Ethereum Holds Its Ground

Ether prices hit a three-and-a-half-year high of $4,350 on Monday, a level not seen since the bull market in late 2021.

It retreated to $4,200 in the hours that followed but managed to reclaim $4,300 during the Tuesday morning Asian trading session, indicating that the rally may not be over yet.

ETH is now just 12% away from its all-time high, almost four years ago.

Meanwhile, Ether spot ETFs have seen their highest inflow since inception at just over $1 billion on Monday.