Crypto Pivot: Bitcoin Miner Becomes Ethereum Powerhouse

In a surprising move, Bitmine Immersion Technologies, a company once synonymous with Bitcoin mining, has pivoted its focus to Ethereum (ETH). According to the report, Bitmine has quietly built the largest corporate Ethereum treasury in the world, worth a staggering $5.26 billion.

The company, backed by Peter Thiel, made the strategic decision to pause its Bitcoin (BTC) mining operations and go all-in on Ethereum. Bitmine scooped up 833,137 ETH at an average price of $3,492 per coin. But the firm didn't stop there – it doubled down during a price crash, adding another $130 million worth of Ethereum.

This bold move has caught Wall Street's attention. Ethereum has recently traded near $3,679, up 40% over the past month, even while still 24% below its 2021 high. Bitmine's stock, BMNR, has rocketed over 725% year-to-date, peaking at $135 in July before settling near $58.

For Bitmine's chairman, Tom Lee, the message is clear: Ethereum's utility, including staking rewards, smart contracts, and scaling, outweighs Bitcoin's static "digital gold" narrative. Institutional investors appear to be taking note, as Ethereum spot ETFs saw a record $2.85 billion inflow between August 11-15, the largest weekly gain ever, while Bitcoin spot ETFs drew $548 million.

As Ethereum continues to gain ground, the question remains whether it can overtake Bitcoin in market dominance. But for now, Bitmine's bold pivot has positioned the company as a major player in the Ethereum ecosystem, showcasing the growing institutional interest in the second-largest cryptocurrency.