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A $20 million gamble on crypto mining stock has paid off spectacularly for Bitmine Technologies, which turned the investment into $628 million within 24 hours following a surge in Eightco Holdings’ OCTO stock.
Bitmine Technologies (NYSE: BMNR), an Ethereum-focused corporate treasury led by Tom Lee, converted a $20 million investment into $628 million after Eightco Holdings (NASDAQ: OCTO) soared 3000% in a single trading day.
The company had acquired 13.7 million shares of OCTO at $1.46 each. By Monday’s close, after OCTO shares briefly spiked to $78 intraday, the position was valued at over $600 million. The rally followed Eightco’s announcement of its Worldcoin Treasury initiative, which triggered heavy retail and institutional activity around the crypto mining stock.
“This directly benefits Bitmine shareholders, as this investment is currently worth over $1.1 billion on paper,” — Tom Lee, CEO, Bitmine Technologies.
Despite the gains, analysts notes that much of the valuation increase remains unrealized until Bitmine sells its shares. Still, the move has placed the company at the center of discussions on equity-linked crypto exposure.
Even as Ethereum’s spot price slipped to $4,300 last week, Bitmine accelerated its acquisition strategy. The company purchased an additional 202,469 ETH, valued at about $881 million at the time of the deal.
With this move, Bitmine’s total Ethereum holdings now stand at 2,069,443 ETH, estimated at around $9 billion. The firm’s dual strategy combines direct ETH accumulation with equity stakes in firms tied to the Ethereum ecosystem — such as OCTO.
“Bitmine has surpassed the 2 million ETH milestone this past week,” — Tom Lee, CEO, Bitmine Technologies.
Lee emphasized that the company’s long-term goal is to increase net asset value (NAV) per share and maintain high liquidity for its stockholders, regardless of short-term market swings. Industry watchers say this positions Bitmine as one of the leading corporate holders of Ethereum.
Bitmine’s strategy has not gone unnoticed by major funds. Cathie Wood’s Ark Invest disclosed the purchase of 101,950 shares of Bitmine across its ARKK, ARKF, and ARKW funds. The move highlights growing institutional interest in crypto mining stock exposure through listed companies with blockchain-focused treasuries.
Following the OCTO rally and Ethereum acquisition, Bitmine’s own stock (BMNR) closed Monday at $43.79, up 4.19% on the day and more than 500% higher since it launched its ETH treasury plan in June.
“Subsidizing crypto mining stock positions can create both growth opportunities and risks, but companies like Bitmine are showing that institutional-grade strategies can drive substantial returns,” — Market analyst, CoinShares.
Bitmine has also set an ambitious target: securing up to 5% of Ethereum’s total supply through combined treasury and investment strategies. Such a move, if achieved, would make the firm one of the most influential non-exchange holders of ETH globally.
The rapid appreciation of Bitmine’s OCTO holdings underscores the volatility and potential of crypto mining stock investments. While the $628 million gain remains a paper profit, it reflects how equity markets tied to crypto assets can react dramatically to ecosystem news such as the Worldcoin Treasury announcement.
For investors, Bitmine’s case illustrates both the opportunity and the risk: a high-stakes bet on a small-cap stock has turned into a multibillion-dollar narrative, but sustainability depends on execution and broader market stability.
As institutional players like Ark Invest deepen their involvement, crypto mining stock strategies may become more prominent in both equity and crypto markets. Yet questions remain on valuation discipline, regulatory oversight, and long-term profitability.
