BitMine now holds over $6.6 billion in crypto, including 1.52 million ETH and 192 BTC, making it the second-largest crypto treasury.
Thomas “Tom” Lee said BitMine continues to lead peers in crypto NAV growth and liquidity.
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BitMine Immersion Technologies, which ranks as the biggest Ethereum treasury under Thomas “Tom” Lee, disclosed Monday that its crypto holdings have surpassed $6.6 billion, including more than 1.5 million ETH and 192 Bitcoin.
Within a week, BitMine increased its Ethereum trove by 373,110 units, rising from over 1 million, while its Bitcoin holdings showed no change. The NYSE-listed firm aims to own 5% of the total Ether supply.
BitMine now ranks as the second-largest global crypto treasury, behind Strategy, which holds 629,376 BTC valued at $72 billion following the latest acquisition.
Commenting on the firm’s rapid accumulation, Lee said institutional investors are backing BitMine’s pursuit of 5% of Ethereum supply. He added that the firm continues to outpace peers in growing crypto NAV per share and stock liquidity.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee added. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”
The company’s stock has reached significant trading volumes, with a 5-day average daily dollar volume of $6.4 billion as of August 8, 2025, ranking 10th among US-listed stocks, ahead of JPMorgan and Alphabet.
BitMine’s institutional investors include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
Wells Fargo increased its stake in BlackRock’s iShares Bitcoin Trust from $26 million to over $160 million in Q2 2025.
The bank also expanded its investments in other Bitcoin ETFs, including Invesco Galaxy Bitcoin ETF (BTCO) and Grayscale’s funds.
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Wells Fargo increased its holdings in BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), during the second quarter of 2025, according to a new SEC filing.
The fourth-largest bank in the US by asset size disclosed that it held over $160 million worth of IBIT shares as of June 30, up from over $26 million at the end of the first quarter, the filings shows.
Bloomberg reported last February that Bank of America’s Merrill and Wells Fargo started providing spot Bitcoin ETFs to brokerage clients in their wealth management units upon request.
In addition to IBIT, Wells Fargo boosted its stake in the Invesco Galaxy Bitcoin ETF (BTCO) from $2.5 million to around $26 million in Q2.
Between March and June, Wells Fargo’s stake in the Grayscale Bitcoin Mini Trust also grew from about $23,000 to $31,500, and its GBTC holdings climbed from $146,000 to over $192,000.
The firm also reported smaller positions in Bitcoin funds managed by ARK Invest/21Shares, Bitwise, CoinShares/Valkyrie, Fidelity, and VanEck, as well as spot Ethereum ETFs.
In related developments, Abu Dhabi’s sovereign wealth fund Mubadala maintained its position of 8,7 million IBIT shares valued at $534 million as of June 30, according to an SEC filing.
Al Warda Investments, managed by the Abu Dhabi Investment Council, reported holding 2,4 million IBIT shares worth $147 million at the end of June.
Other crypto assets have also surged, with Ethereum trading above $4,700, just 3% below its November 2021 record.
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Bitcoin reached a fresh all-time high on Wednesday evening, surpassing $124,000 for the first time after topping the previous $123,000 record set last month.
Bitcoin’s value rally has lifted it above Alphabet and Amazon, restoring its rank as the fifth-largest asset by market capitalization, according to CompaniesMarketCap.
Data from TradingView shows that the world’s largest crypto asset currently hovers around $123,591, representing a 7% increase in the last seven days.
The latest gains come as markets price in a potential September interest rate cut, driven by weaker-than-expected job growth, inflation near forecasts, and sustained institutional interest. US Treasury Secretary Scott Bessent has urged the Fed to consider a 50-basis-point rate cut.
Other crypto assets have also risen. Ethereum is hovering around $4,700, just 3% below its November 2021 all-time high of $4,878.
In daily returns, OKX’s OKB token led with a 134% surge. Other exchange tokens, including Bitget’s BGB, Gate’s GT, and KuCoin’s KCS, as well as Ethereum layer 2 tokens like Optimism’s OP and Arbitrum’s ARB, also posted strong gains.
OKB price surged over 170% after OKX announced a major token burn and tokenomics upgrade.
OKTChain will be decommissioned, with OKT holders receiving OKB via an automatic conversion.
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OKB, the native token of crypto exchange OKX, spiked approximately 170% within an hour after the platform unveiled a sweeping tokenomics overhaul that includes burning more than 65 million tokens.
According to CoinGecko data, OKB surged from about $47 to $126 on the news, pushing its 24-hour gain to 172%.
OKX announced on Wednesday that it will conduct a one-time burn of over 65 million OKB tokens, after which the total OKB supply will be fixed at 21 million. The exchange will also implement a comprehensive upgrade to X Layer, its zkEVM-based public blockchain built with Polygon.
The upgrade, called the PP upgrade, integrates the latest Polygon CDK technology, boosting throughput to 5,000 TPS, cutting gas fees to near-zero, and improving Ethereum compatibility for developers. X Layer will be integrated across OKX Wallet, OKX Exchange, and OKX Pay platforms, enabling features like gasless withdrawals.
As part of the major overhaul, OKX will retire OKTChain due to overlapping functionality. OKT trading will cease on August 13, 2025, followed by automatic conversion to OKB on August 15 based on a predetermined average price. The chain will remain operational until January 1, 2026, allowing users to deposit remaining tokens for conversion.
The company is also revamping OKB tokenomics, maintaining it as X Layer’s exclusive gas and native token while phasing out the Ethereum L1 version. Users must bridge their tokens to X Layer through OKX, after which L1 withdrawals will be disabled.
The upgrade includes plans for an ecosystem fund, liquidity incentives, and enhanced infrastructure, including upgraded bridges, oracles, and compliance tools.
Treasury Secretary Scott Bessent urged the Federal Reserve to consider a 50 basis-point rate cut at the September meeting due to weaker job growth data.
Jerome Powell is slated to speak at the Jackson Hole Economic Symposium in Wyoming later this month.
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Treasury Secretary Scott Bessent called for the Fed to consider a 50-basis-point interest rate cut at the Federal Open Market Committee meeting next month after the July Consumer Price Index (CPI) out earlier today was largely in line with expectations.
“The real thing now to think about is should we get a 50-basis-point rate cut in September,” Bessent told Fox Business on Tuesday.
For Bessent, the real issue is the revised weaker-than-expected job growth data for May and June, released after the Fed’s latest policy meeting. If the central bank had seen the figures earlier, it might have started cutting rates in June or July, he stated.
Regarding inflation, the latest reading showed headline consumer prices rose 2.7% year-over-year, coming in slightly below the estimated 2.8% increase.
However, the core CPI, which strips out volatile food and energy prices, climbed 3.1% year-over-year, exceeding the 3% estimate. That suggests underlying price pressures are building despite the stable headline numbers.
Some categories affected by President Trump’s tariffs, such as furniture, saw price increases, but others, like apparel, slowed, and appliances fell. Economists note that the tariff pass-through to consumer prices is still modest, partly because many goods in stores were purchased before the duties took effect. The impact could grow as pre-tariff inventories run out.
With job growth weakening and inflation edging higher, some economists warn the US may be moving toward stagflation. That would create a worst-case scenario for the Fed.
Normally, slowing job growth would prompt interest rate cuts to stimulate the economy, but higher core inflation complicates the Fed’s decision.
Still, market participants appear more convinced of an imminent rate cut following the release of inflation data. CME’s FedWatch tool shows the probability of a September move rising to 94% from about 86% yesterday. Traders overwhelmingly expect a quarter-point cut.
Trump’s Fed nominee Miran could bring change to the Fed
Bessent expressed confidence that Stephen Miran, President Trump’s nominee to the Fed Board, will be confirmed in time for the September policy meeting.
“He is going to be a great voice,” Bessent said of Miran. “It is going to change the composition of the Fed.”
As chair of the Trump Administration’s Council of Economic Advisers, Miran supports the president’s economic policies, including tariffs as a means of reducing trade deficits and promoting economic growth.
Contrary to more cautious Fed officials, the economist has downplayed the inflation risks associated with tariffs.
Regarding the selection of the next Fed Chair to succeed Jerome Powell, whose term ends in May, Bessent indicated the administration is casting a “very wide net” and that Trump has a “very open mind.”
All eyes on Powell’s Jackson Hole speech
Fed Chair Jerome Powell will deliver the keynote at this month’s Jackson Hole Economic Symposium in Wyoming, where he is expected to lay out the central bank’s policy outlook for the months ahead. The address comes just weeks before the September FOMC meeting.
According to BitMEX co-founder Arthur Hayes, Powell could use the platform to signal the end of quantitative tightening or announce regulatory changes.
Hayes believes such a move could trigger a liquidity surge, and, when combined with political incentives for Republicans to ramp up spending ahead of the 2026 midterms, could re-ignite Bitcoin’s rally into year-end.
BitMine Immersion Technologies expanded its equity offering to $24.5 billion for more Ethereum acquisitions.
The offering is a five-fold increase from the previous $4.5 billion authorization and will be sold through at-the-market methods.
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BitMine Immersion Technologies, headed by Fundstrat founder and CIO Thomas “Tom” Lee, has filed to raise its at-the-market equity program by $20 billion, pushing its total capacity to $24.5 billion. The proceeds are expected to finance the company’s future ETH acquisitions.
The expansion represents more than a five-fold increase from the company’s previous authorization of $4.5 billion. BitMine has already utilized approximately $4.5 billion of its prior authorization through sales under its existing agreement.
The common stock offering will be conducted through sales agents from Cantor Fitzgerald & Co. and ThinkEquity LLC, who will receive a commission of up to 3% on gross proceeds. The shares will be sold through various methods, including direct trading on the NYSE American exchange, where BitMine trades under the symbol “BMNR.”
BitMine, the largest corporate holder of Ethereum, now holds over 1 million ETH valued at approximately $5 billion, according to a Monday announcement.
BitMine has aggressively accumulated ETH with a goal of holding 5% of the total supply, solidifying its leadership in Ethereum treasuries.
Tom Lee told Bankless in a recent podcast that Ethereum has the potential to exceed Bitcoin’s value. He expects ETH prices to surge to between $7,000 and $15,000 by year’s end and is actively acquiring ETH to boost BitMine’s liquidity and reserves.
Ethereum was trading at around $4,400 at press time, up 4% in the last 24 hours, TradingView data shows.
BlackRock has stated it currently has no plans to offer spot ETFs for XRP or Solana.
The asset manager clarified their position amid speculation following Bitcoin and Ethereum ETF launches.
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With Ripple closing its long-running legal battle with the SEC, industry analysts anticipate that the resolution will make major fund managers more comfortable offering investment products tied to XRP, Ripple’s native crypto asset.
Pro-XRP users, in particular, have been eyeing BlackRock, the asset management giant. But it appears BlackRock has no immediate plans to get on board.
A BlackRock spokesperson recently told The Block that spot XRP and Solana (SOL) ETFs are not on the firm’s roadmap for now.
The confirmation came shortly after ETF Store President Nate Geraci suggested that BlackRock would eventually enter the XRP ETF market as Ripple and the SEC wrap up their appeals.
He said it’s hard to justify ignoring crypto assets apart from Bitcoin and Ethereum, but if BlackRock really stays away from other crypto ETFs, they’re essentially stating that only BTC and ETH are worth investing in.
Yes, I think BlackRock was waiting to see this before filing for iShares XRP ETF…
I’ll own it if I’m wrong.
IMO, makes *zero* sense for them to ignore crypto assets beyond btc & eth.
Otherwise, they’re basically saying btc & eth are only ones that will ever have value. Bold. pic.twitter.com/FtBqMRFpOl
However, Bloomberg ETF analyst Eric Balchunas thinks BlackRock is content with its two existing ETFs, those tied to the two largest crypto assets, and sees diminishing returns in expanding further.
I just think they are happy w the two. Law of diminish returns from here on out. But again I’ve nothing to go on but my own spidey sense here.
The analyst is also doubtful that BlackRock will file for an index-based crypto ETF, which potentially includes major assets like XRP, later this year.
“Very little” demand for other crypto ETFs: BlackRock’s executives
Robert Mitchnick, BlackRock’s Head of Digital Assets, revealed at the Bitcoin 2024 convention that there is ‘very little’ client demand for crypto ETFs beyond Bitcoin and Ethereum.
Samara Cohen, BlackRock’s Chief Investment Officer of ETF and Index Investments, said in an interview with Bloomberg that the firm would not launch a Solana ETF in the near term.
“We really look at the investor’s ability to see what meets the criteria, what meets the bar to be delivered in an ETF,” Cohen said. “For us right now, both between [investing] ability considerations and also what we hear from our clients… Bitcoin and Ether definitely meet that bar. I think it will be a while before we see anything else.”
