Bitmine Holds $13.2B in Crypto, Becomes Largest ETH Treasury

Bitmine Immersion Technologies has announced a landmark financial position, with its combined crypto holdings, cash reserves, and strategic “moonshot” investments valued at approximately $13.2 billion. The core of this massive portfolio is its Ethereum position, which has grown to 4.07 million ETH, alongside a smaller holding of 193 Bitcoin (BTC). According to the company’s press release, this Ethereum stash now represents about 3.37% of the entire circulating supply of 120.7 million ETH tokens. The firm has aggressively bolstered this position, adding 98,852 ETH in just the past week alone.

Thomas Lee, Chairman of Bitmine and a prominent figure at Fundstrat, hailed this achievement as a “tremendous milestone achieved after just 5.5 months.” He emphasized the company’s rapid progress toward what he termed the “alchemy of 5%” and highlighted the emerging synergies from its substantial ETH holdings. “We are a key entity bridging Wall Street’s move onto the blockchain via tokenization,” Lee stated, adding that Bitmine is “heavily engaged with the key entities driving cutting-edge development in the defi community.”

Data from CoinGecko confirms the scale of this accumulation, ranking Bitmine as the world’s largest single-entity Ethereum treasury. Globally, it stands as the second-largest crypto treasury overall, trailing only the Michael Saylor-led MicroStrategy, which holds a colossal 671,268 BTC, valued at roughly $59 billion. Beyond its crypto assets, Bitmine reported a $32 million stake in Eightco Holdings, categorized as a high-risk, high-reward “moonshot” investment, and maintains a substantial $1 billion in cash holdings.

Parallel to its crypto accumulation, Bitmine has experienced explosive activity in traditional equity markets. According to Fundstrat data, the company’s shares recorded an average daily dollar trading volume of $1.7 billion over a five-day period ending December 19. This remarkable volume placed Bitmine’s stock at rank 66 among 5,704 U.S.-listed companies, trading just behind financial giant Wells Fargo (WFC) and ahead of energy titan Chevron (CVX). This positions Bitmine among the most actively traded stocks in the United States.

This intense market activity underscores the growing intersection of traditional finance and digital assets that Chairman Thomas Lee referenced. Bitmine’s dual identity—as a major crypto holder and a heavily traded public stock—positions it uniquely as a conduit for institutional capital seeking exposure to blockchain innovation and tokenization. The company’s strategy appears to be resonating with public market investors, generating liquidity that rivals some of America’s most established corporate institutions.

Bitmine has continued its aggressive accumulation strategy despite recent volatility in the crypto markets. Ethereum’s price has shown resilience, gradually recovering and briefly reclaiming the $3,000 level on Monday before retreating below it again on Tuesday. The asset is now approaching a significant technical resistance range between $3,150 and $3,200, which analysts suggest may act as a hurdle for further momentum.

According to Kamran Asghar’s analysis of the 4-hour chart, past price reactions indicate that a rejection at this resistance could push ETH down to a support range of $2,750-$2,800. Crypto analyst Ted Pillows offered a similar but nuanced view, noting that a daily close above the $3,000 threshold could trigger an upward move toward $3,300. Conversely, a failure to hold that level might lead to a retest of the $2,700-$2,800 range. This technical backdrop presents both a challenge and an opportunity for Bitmine’s continued accumulation strategy, as price dips could facilitate further purchases while breakouts would increase the value of its existing multi-billion dollar treasury.