Bitmine Immersion climbed by 11.50 percent on Tuesday to finish at $16.29 apiece after expanding its Ethereum treasury to $10.5 billion, solidifying its stance as the largest holder of the said token in the world.
In a statement on the same day, Bitmine Immersion Technologies Inc. (NYSE:BMNR) said that it boosted its Ethereum holdings to 5.77 million units following the acquisition of 27,801 Ethereum tokens last week.
Ultimately, the acquisition further advances its strategy of positioning itself as a publicly traded vehicle for investors seeking exposure to Ethereum.
ETH Adoption Gains Momentum
Bitmine Immersion Technologies Inc. (NYSE:BMNR) also pointed to the growing adoption of ETH as having boosted its confidence and ownership of the latter following the launch of Robinhood Chain—a Layer 2 network built on Arbitrum that focuses on tokenized real-world assets.
“One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum. Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain,” said Bitmine Immersion Technologies Inc. (NYSE:BMNR) Chairman Thomas Lee.
“Robinhood Chain uses ETH as the native gas token. And transaction fees are denominated in ETH, and the finality is settled on Ethereum. Robinhood’s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money,” he added.
Russell 1000 Membership
On June 26, Bitmine Immersion Technologies Inc. (NYSE:BMNR) officially joined the Russell 1000 index, which tracks the performance of the 1,000 largest publicly traded companies in the US in terms of market capitalization.
Inclusion in major indexes bolsters a company’s visibility among institutional investors and index-tracking funds, potentially supporting additional demand for its shares over time.
More Hedge Funds Buy In
More hedge funds have increased their exposure to Bitmine Immersion Technologies Inc. (NYSE:BMNR), signaling their growing confidence in the company’s strategy as a pure-play Ethereum treasury firm.
Based on Insider Monkey’s data as of the first quarter of the year, a total of 33 hedge funds held a combined $700 million stake in the company, up from 28 hedge funds in the fourth quarter of 2025.
Revenues Jump 2,170%
Also on Tuesday, the company reported a 2,170 percent jump in its total revenues for the third quarter of fiscal year 2026, at $46.5 million versus only $2.05 million in the same period last year.
The jump was primarily driven by the recognition of $45.7 million in revenues from staking and validation, versus none in the same period last year.
Despite higher revenues, the company widened its net loss attributable to shareholders by 13,318 percent to $83.59 million versus only $623,000 in the same comparable period.
While we acknowledge the risk and potential of BMNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BMNR and that has 10,000% upside potential, check out our report about the cheapest AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.
Disclosure: None. Follow Insider Monkey on Google News.
Hedge Fund Resource Center