BitMine’s $20B Ethereum Bet Sends Stock to Record Highs—Wall Street Finally Wakes Up

BitMine just schooled traditional finance on how to play the crypto game—and their stock is cashing in.

The Ethereum Domino Effect

By doubling down on ETH infrastructure, the miner-turned-layer-2-powerhouse saw shares surge 300% in Q2. That $20B expansion plan? Suddenly looking less like hubris and more like foresight.

Institutional FOMO Hits Critical Mass

Goldman analysts upgraded the stock minutes after the earnings call—because nothing motivates bankers like missing out on easy money. The 'proof-of-stake is a security' crowd? Remarkably quiet today.

One hedge fund manager muttered 'it's just a spreadsheet' while buying 50,000 shares. The blockchain revolution rolls on—with or without the suits' permission.

Ethereum lifts BitMine stock

BitMine’s aggressive Ethereum accumulation strategy has boosted its stock value significantly.

A report from Pantera Capital showed that the company significantly increased its Ethereum per share (EPS) in the first month after launching its ETH-focused strategy.

According to Pantera:

“BitMine has accumulated more ETH in its first month than Strategy (formerly MicroStrategy) did in its first six months executing the strategy.”

At the close of June, BitMine’s shares were priced at $4.27 each, just above its $4 net asset value (NAV) per share. By August, the stock had soared to $51, marking a 1,100% increase in just over a month.

According to Pantera, the surge in stock price was primarily driven by an increase in ETH per share (around 60%), a rise in Ethereum’s price from $2,500 to $4,300 (approximately 20%), and a slight boost from NAV expansion (about 20%).

Data from Google Finance shows that the momentum hasn’t slowed and is trading near $60 at press time.