One company now sits on 4.8% of the world’s circulating Ethereum. BitMine Immersion Technologies reported holdings of 5,815,164 ETH out of a total supply of 120.7 million coins as of August 16, 2026, positioning the value of this asset alongside its other portfolio at $11.4 billion based on a benchmark price of $1,893. This acquisition move aligns with the views of Chairman Tom Lee, who predicts Ethereum will outperform Bitcoin in this market cycle, driven by the wave of real-world asset (RWA) tokenization and the integration of AI agents.
For BitMine, confidence in Ethereum is not just interview rhetoric, but a strategy proven by a consecutive buying streak for more than a year.
Generating Hundreds of Millions of Dollars Without Selling
Since June 30, 2025, BitMine has never missed a weekly purchase of Ethereum. During the week ending August 16, they added another 9,926 ETH to their holdings. They also do not let that stack of coins sit idle in cold wallets. A total of 87% of their holdings - equivalent to 5,067,309 coins - has been locked in staking protocols. With a network yield of 2.61%, BitMine projects passive income of between $250 million and $287 million per year.
Highest Stock Correlation in the United States
This aggressive maneuver has had a direct impact on the company’s stock structure. Fundstrat’s latest research on 17 companies with market capitalizations over $2 billion reveals that BitMine (BMNR) stock now has an 80% correlation with Ethereum’s price movements. This figure is the highest among all public stocks in the United States, beating the Coinbase (COIN) crypto exchange, which trails in second place with a 74% correlation. As a comparison on the opposing side, Strategy (MSTR) stock still holds the record for the highest Bitcoin correlation at 78%.
BMNR stock responded to this data by rising 5.3% and closing at $22.72 in trading on August 21. This momentum comes less than two months after BitMine was officially included in the Russell 1000 index on June 26, 2026.
Institutional Data Shifts Direction
Tom Lee’s argument that Ethereum is poised to overtake Bitcoin is also reflected in the shift in institutional fund flows. Throughout July, spot Ethereum ETFs successfully attracted net inflows of $365 million, leaving Bitcoin ETFs which only gathered $205 million during the same period. On the technical side, the ETH/BTC ratio indicator has begun to crawl up to 0.02994, which according to Lee signals that Ethereum has finally broken its long-term downtrend against Bitcoin.
On-chain activity confirms this shift. RWA.xyz data recorded RWA transfer volume on the Ethereum network reached $13.99 billion in the last 30 days, up 20.45%. This ecosystem also supports the circulation of $157.11 billion in stablecoin capitalization, with monthly transfer volume touching $1.55 trillion.
The choice of major players to absorb the ETH supply and lock it up amidst high network utility points to a clear direction: the Ethereum narrative is now shifting from just smart contract technology to a scramble for asset supply before market liquidity truly dries up.
Reported from crypto.news.
Also read: How Crypto Staking Works and Its Risks
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
