BitMine Immersion (BMNR) shares are extending gains in morning trading on Tuesday after announcing it now has more than 1.15 million Ethereum (ETHUSD) worth nearly $5 billion on its balance sheet. 

The firm’s recently launched Ethereum strategy has made BMNR “one of the most widely traded stocks in the US” according its recent press release. 

BitMine Immersion first announced its crypto strategy in late June. At the time of writing, BMNR shares are trading at about 13x their price in the final week of June. 

Why Ether Strategy Is Working Out for BMNR Stock

BitMine Immersion has increased its ETH holdings by roughly $2 billion within a week because Ethereum “is having its Bitcoin 2017 moment” according to Tom Lee, the company’s chairman. 

Note that Bitcoin (BTCUSD) has experienced a 120x rally since 2017. In a recent CNBC interview, Lee argued Ether even has a path to $30,000 now that the “GENIUS Act” has been signed into law. 

That’s because the aforementioned legislation essentially greenlights stablecoins, but they need a blockchain capable of facilitating smart contract, i.e., Ethereum, to function. 

Note that globally renowned names like JPMorgan (JPM) and Robinhood (HOOD) are already using the Ethereum blockchain to realize their stablecoin and tokenization commitments in 2025.  

Together, these developments suggest owning BMNR shares could indeed prove a lucrative bet in the long run. 

Why Bitmine Immersion Shares Are an Attractive Buy 

BMNR shares are an attractive pick also because the Securities and Exchange Commission (SEC) is now embracing the blockchain under its so-called Project Crypto.

“Ethereum is the preferred choice because it’s had zero downtime since inception – it’s the most legally compliant and secure blockchain,” Lee told CNBC in a recent interview. 

The aforementioned narrative has made influential investor Cathie Wood load up on BMNR stock in recent weeks. The Ark Innovation ETF (ARKW) alone currently holds nearly $50 million worth of BitMine Immersion stock.