BitMine has joined the ranks of Wall Street’s most traded stocks, leaving behind Netflix, Visa, and JPMorgan
BitMine Immersion Technologies, the publicly traded Ethereum-focused crypto treasury company chaired by Tom Lee of Fundstrat, entered the top-20 most actively traded U.S. stocks this week, surpassing Netflix, Visa, JPMorgan & Chase, Mastercard, and many others in trading volume.
TradingView data on Aug. 18 showed BitMine (BMNR) ranking 19th in trading activity, alongside stocks like Alphabet (GOOG) and Coinbase (COIN). At press time today, BMNR is ranking slightly lower, just below COIN and just above Walmart (WMT).
The stock has seen a surge in investor interest since revealing its Ethereum treasury strategy, averaging $6.4 billion in daily trading volume over the past five days. BitMine noted in a Monday press release that its shares briefly ranked 10th among the most liquid U.S. stocks.
BitMine’s crypto holdings have also surged. As of Aug. 18, the company reported $6.612 billion in crypto, including more than 1.5 million ETH, 192 BTC, and $80 million in unencumbered cash. With its latest update, BitMine now holds over 1.2% of Ethereum’s supply, moving toward its target of 5% of the total ETH supply.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” said Lee in the Monday press release. “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,” he added.
Per data from Strategic ETH Reserve, BitMine remains the largest Ethereum treasury in the world and ranks second globally behind Strategy in overall crypto holdings, as of Aug. 18. Ethereum treasury companies and spot Ethereum ETFs combined are now holding over 8.7% of the ETH supply.
A Dragonfly Capital data analyst known as @hildobby on X noted in a post on Monday that at the current pace, the share of ETH in ETFs could surpass BTC by next month. At press time, spot Bitcoin ETFs held 6.39% of Bitcoin’s market cap, while spot Ethereum ETFs accounted for 5.08% of ETH, per data from Dune Analytics.
Source: https://thedefiant.io/news/tradfi-and-fintech/tom-lee-s-bitmine-surges-into-top-20-most-traded-us-stocks
