BitMine Immersion’s Trading Volume Plunges to 20th in U.S. Market Despite Record $6.6B Ethereum Treasury and Institutional Backing

On August 18, 2025, BitMine Immersion (BMNR) reported a trading volume of $2.64 billion, a 22.11% decline from the previous day, ranking it 20th in the U.S. stock market. The stock closed down 5.09%, reflecting mixed investor sentiment amid evolving market dynamics.

BitMine announced its crypto holdings surpassed $6.612 billion, with 1.523 million ETH tokens valued at $4,326 each, alongside 192 Bitcoin and $80 million in unencumbered cash. This marks a $1.7 billion increase from last week, reinforcing its position as the largest Ethereum treasury globally and the second-largest crypto treasury overall, trailing only Strategy Inc (MSTR).

The company’s strategic focus on acquiring 5% of ETH has garnered support from major institutional investors, including ARK’s Cathie Wood, Founders Fund, and Pantera. BitMine’s stock has also gained liquidity traction, with a 5-day average trading volume of $6.4 billion as of August 8, placing it 10th among U.S.-listed equities. This liquidity underscores growing institutional interest in its treasury expansion.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day resulted in a moderate return. The total profit from this strategy, considering the given time period from 2022 to the present, is $2,340. The cumulative return reaches 23.4% when accounting for the initial investment. This indicates a positive performance, but the returns are modest given the significant market volatility and the use of a conservative holding strategy.