BitMine’s Bold Ethereum Bet Shakes Up Corporate Crypto Holdings
BitMine expands its Ethereum treasury to $10.8B, securing 2.2% of ETH supply and reshaping the corporate crypto race.
BitMine Immersion has cemented its status as the dominant corporate holder of Ethereum after announcing the purchase of nearly $1 billion in ETH last week. The Las Vegas-based company disclosed that it acquired 234,846 tokens worth $961.5 million, boosting its Ethereum treasury to more than 2.65 million ETH—valued at roughly $10.8 billion.
The acquisition underscores BitMine’s aggressive expansion strategy and solidifies its market dominance. With this move, the company controls approximately 2.2% of Ethereum’s total circulating supply, far outpacing rivals in the corporate treasury race. By comparison, Joe Lubin’s SharpLink maintains 838,730 ETH, while The Ether Machine holds 495,360 ETH.
BitMine’s growing reserves place its total crypto and cash holdings at $11.6 billion as of September 28. Beyond Ethereum, its portfolio includes 192 Bitcoin worth $21.5 million, a $157 million stake in WLD treasury firm Eightco, and $436 million in unencumbered cash.
Chairman Tom Lee has framed Ethereum as indispensable infrastructure for the convergence of artificial intelligence and blockchain. He pointed to Ethereum’s uptime and security record as proof of its reliability, emphasizing that “both sectors require neutral public blockchains” to function at scale. The company has made clear that it intends to acquire 5% of Ethereum’s circulating supply—about 6 million tokens at current levels.
BitMine’s ambitions are backed by a heavyweight roster of institutional investors, including Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera Capital, Kraken, DCG, and Galaxy Digital. This investor confidence has bolstered the firm’s ability to outpace its peers in both asset accumulation and liquidity.
Globally, BitMine now ranks as the second-largest public crypto treasury, trailing only Michael Saylor’s Strategy. The latter recently raised its Bitcoin holdings to 640,031 BTC, valued at $71.8 billion, representing more than 3% of Bitcoin’s fixed 21 million supply.
The market reacted swiftly to BitMine’s announcement, with its shares climbing more than 6% on Monday morning to $53.60. Despite that rally, the stock remains down nearly 4% over the past week. Trading activity has surged, however, with BitMine ranking among the top 30 U.S. equities by average daily trading volume, at $2.6 billion over the past five sessions—slotting just behind Marvell Technology and ahead of Visa.
As 2025 enters its final stretch, Lee argues that BitMine’s positioning at the crossroads of crypto and AI offers a long-term advantage. “AI and crypto remain the two supercycle investing narratives expected to unfold over decades,” he said. With its deep Ethereum reserves and strong institutional backing, BitMine is betting heavily on that vision.
