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

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.

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