BitMine's Ethereum treasury reaches 2.65 million ETH, cementing place as top corporate holder

Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Quick Take

  • BitMine Immersion now holds over 2.65 million ETH after its latest acquisitions — more than treble its closest Ethereum treasury company competitor.
  • BitMine’s crypto and cash holdings have crossed the $11.6 billion mark, and the company owns more than 2% of Ethereum’s circulating supply.

Tom Lee-chaired Ethereum treasury company BitMine Immersion said its holdings have now surpassed 2.65 million ETH — worth around $10.8 billion — following its latest weekly acquisitions.

BitMine bought approximately 234,846 ETH ($961.5 million) since its last update on Sept. 22, reporting its total crypto and cash holdings had reached $11.6 billion on Monday. 

As of Sept. 28, BitMine also holds 192 BTC ($21.5 million), a $157 million stake in WLD treasury firm Eightco, and $436 million in unencumbered cash. The company's ETH holdings are equivalent to around 2.2% of Ethereum's current circulating supply, which sits at approximately 120.7 million ETH, according to The Block's price page.

BitMine is currently the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 838,730 ETH and 495,360 ETH, respectively, according to SER data. BitMine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 640,031 BTC ($71.8 billion) — equivalent to more than 3% of bitcoin's total 21 million supply — following Strategy's latest acquisition announcement on Monday.

Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, BitMine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.

AI and crypto remain the two 'Supercycle' investing narratives

"As we enter the final months of 2025, the two Supercycle investing narratives remain AI and crypto," Lee said in a statement. "And both require neutral public blockchains. Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime. 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."

BitMine is now among the top-traded U.S. equities, with a five-day average daily volume of $2.6 billion as of Sept. 26. That ranks it 26th nationwide, just behind Marvell Technology and ahead of Visa, per Fundstrat and Statista data.

"At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock," Lee, who is also co-founder of Fundstrat, said.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

James Hunt is a Senior Reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected].

See More
Connect on

Editor

To contact the editor of this story: Daniel Kuhn at [email protected]

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on