BitMine Becomes Second-Largest ETH Holder, Impacting Market Dynamics

BitMine Immersion Technologies made a significant move in the cryptocurrency market on August 18, 2025, expanding its Ethereum holdings to $6.6 billion. This purchase puts them second only to Michael Saylor’s Strategy (MSTR), as they surpassed Mara Holdings (MARA) for the largest ETH corporate treasury globally. The acquisition signifies a strategic shift towards Ethereum, impacting market dynamics as evidenced by a 6% premarket drop in BitMine’s stock and Ethereum’s price.