BitMine Immersion Technologies stock rose Monday morning after the company announced that it purchased nearly $1 billion worth of Ethereum over the last week, pushing the valuation of its total ETH treasury to $11 billion.

The Ethereum treasury firm’s stock rose more than 6% to a recent price of $53.60, following the announcement. Even with the uptick, BMNR remains down nearly 4% over the last week.

The Las Vegas-based company disclosed crypto and cash holdings nearing $11.6 billion, including 2.65 million ETH valued at $11 billion, 192 Bitcoin (about $21.6 million worth), and $436 million in unencumbered cash.

That Ethereum tally is 234,846 ETH larger than the previous week’s reported total, or about $980 million worth. BitMine is the largest publicly traded Ethereum treasury company, and continues to widen the gap between itself and runner-up SharpLink Gaming, which holds about $3.37 billion worth of ETH.

Overall, BitMine ranks as the second-largest global cryptocurrency treasury behind Strategy Inc., which holds approximately $72 billion in Bitcoin.

Myriad users are broadly confident that BitMine will hit a total of 3 million ETH by October 27, currently giving that an 81% chance. The odds have climbed 15% over the last day—even before the announcement—as predictors gain confidence. (Disclaimer: Myriad is a product of Decrypt‘s parent company, DASTAN.)

BitMine Chairman Tom Lee, who also leads research firm Fundstrat, has positioned Ethereum as central to converging trends in AI and cryptocurrency.

In a statement, the firm compared recent regulatory developments—including the GENIUS Act passage and the SEC’s Project Crypto—to the 1971 abandonment of the gold standard, predicting similar transformational effects on financial services.

“As we enter the final months of 2025, the two supercycle investing narratives remain AI and crypto. And both require neutral public blockchains. Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime,” he said. “These two powerful macro cycles will play out over decades. Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH.”

The price of Ethereum started to rebound over the weekend after dipping late last week, with the asset showing only a 0.6% loss over the last week at a recent price of $4,173. ETH is up 4% on the day, though it remains down about 5% over the last month.