BitMine Immersion, a Bitcoin miner, holds over $10.7 billion in Ethereum and Bitcoin on its balance sheet, making it the largest corporate holder of ETH. Fundstrat Global Advisors Managing Partner Tom Lee believes Ethereum could be the “next Bitcoin” due to institutional interest and aims to acquire 5% of the total Ethereum supply.

Consumers are optimistic about Ethereum’s future, with nearly 70% believing it’s more likely to reach $5,000 than drop to $3,500. Ethereum is currently trading above $4,520, down 1.6% over the past 24 hours but up 78% over the past three months.

Ethereum treasuries like BitMine are following the model of companies like Strategy, which shifted to buying Bitcoin in 2020 and now holds over $73 billion worth of BTC. Other Nasdaq-listed companies are also investing in Bitcoin, Ethereum, and altcoins like Solana, XRP, and Toncoin, seeing short-term stock price gains.

BitMine’s stock has surged over 1,133% since June, trading at nearly $53 per share and up nearly 5% on Monday. The company touched a high of $135 in July, showcasing the growing interest and investment in cryptocurrencies among investors and corporations.

Read more at Yahoo Finance: Tom Lee’s Ethereum Treasury BitMine Boosts ETH Holdings to Nearly $10 Billion