In 35 days, 830,000 ETH were wildly accumulated! BitMine (BMNR) has become the largest corporate holder of Ethereum, with its stock price rising 650% since the end of June.

Nasdaq-listed BitMine Immersion announced on August 5 that it holds over $3 billion worth of 833,137 Ether (ETH), becoming the largest enterprise-level ETH holding institution in the world. Its average build a position cost is only $3,491.86, and it completed its Coin Hoarding plan in just 35 days. Under the guidance of Wall Street pro Tom Lee (founder of Fundstrat), the company's stock price has risen 650% since the end of June. This article analyzes how BitMine's aggressive coin-holding strategy can replicate MicroStrategy's successful path and its demonstration effect on institutional allocation of ETH.

Lightning Coin Hoarding: Disruptive Records of Cost and Scale The core data disclosed by Bit mining has caused a stir in the market:

• Holdings Size: 833,137 ETH (approximately $3.06 billion), surpassing all listed companies' ETH holdings.
• Building a Position Speed: Accumulation completed within 35 days, with an average daily purchase of 23,800 coins.
• Cost Control: Average price $3,491.86, with a floating profit of 5.4% compared to the current coin price ($3,679)
• Capital Ranking: With pure ETH holdings, it ranks as the third largest listed company crypto asset library in the world, second only to MicroStrategy (MSTR, $7.2 billion BTC) and Marathon Digital (MARA, BTC mining company)

Strategic Operator: Tom Lee's Institutional Layout This coin hoarding action is led by Wall Street top analyst Tom Lee, whose public statements reveal the strategic logic:

1. Paradigm Shift: In June, it was proclaimed that "Ethereum is becoming the next Bitcoin," anticipating a shift of institutional funds.
2. Liquidity Premium: Emphasizes the dual advantage of "rapidly increasing the net asset value ( NAV ) per share of crypto assets and the high liquidity of stocks."
3. ETF Linkage: Precisely betting on the 46% big pump after the approval of the US ETH spot ETF (30-day increase)

The Crazy Response of the Capital Market: Stock Prices Big Pump by 650% The market gives a frenzied response to the coin holding strategy:

• Bit Mining ( BMNR ) stock price has surged 650% since the end of June, currently reported at $32 per share.
• Single-day trading volume surpassed $120 million, setting a record for Nasdaq mining stocks. This phenomenon verifies the capital closed-loop model of "holding coins → increasing NAV → boosting stock prices", attracting more listed companies to follow suit. Currently, it is known that at least 7 U.S. stock companies hold ETH, SOL, and other altcoins, and their stock prices have shown excess returns in the short term.

The Deep Impact of Institutional Coin Holding Trend The aggressive strategy of Bit mining will trigger a chain reaction:

• Cost Anchoring Effect: $3,491 has become the psychological defense line for institutional ETH holdings.
• Liquidity Siphoning: Large OTC trades exacerbate market circulation tightness.
• Compliance Holdings Paradigm: Replicate MicroStrategy's BTC holdings financial reporting standards As custodians of ETH spot ETFs like BlackRock continue to accumulate (with a net inflow of $9.5 billion this year), the competition for circulating ETH among institutions and listed companies will intensify.

Conclusion: The 35-day Coin Hoarding of 830,000 ETH by Bit Mining marks the aggressive phase of institutional capital allocation towards Ethereum. Its cost price of $3,491 not only establishes a strong support level but may also trigger a “coin holding competition” among listed companies. Retail investors need to pay attention to two major signals: buying opportunities near the institutional cost line and the volatility risks of U.S. stock crypto concept stocks before the earnings season. When the successful path of MicroStrategy is replicated by ETH holders, the institutionalization process of the crypto market is unstoppable.