With some 13% to 14% share of total crypto market cap, Ethereum is the clear number two. While its current valuation may be a fraction of Bitcoin’s dominant position, it is far higher than that of the next largest tokens.
On top of this, in just the last few months, a stock has emerged—with Ethereum as its core asset—that is now the second most valuable crypto treasury company behind MSTR.
On June 30, 2025, BitMine Immersion Technologies (BMNR)—which had been a Bitcoin mining business—announced its transformation into an Ethereum Treasury Company, with Wall Street veteran Tom Lee taking over as Chairman.
BMNR is backed by a who’s who of crypto/technology investors, including venture capitalist Peter Thiel, whose Founders Fund acquired just under 10% of the company.
In the days following the announcement of the strategic shift, shares of BMNR soared from just over $4 per share to as high as $135. This represented a more than 3,000% return for anyone fortunate enough to have been a shareholder prior to the announcement.
After a few weeks of what looks like irrational exuberance in retrospect, BMNR shares retreated to the $40 to $60 range. They closed today just above $60—still immensely higher versus where they were in June.
Saylor may continue to scoff at Ethereum and other cryptocurrencies, but Tom Lee and his colleagues have been paying close attention to what Saylor has accomplished with MSTR.
Shares of MSTR have increased in value by nearly 25 times since Saylor announced in August 2020 his intention to start investing corporate reserves into Bitcoin. This substantially exceeds the rise in Bitcoin itself since then, which is more like 10 times.
