BitMine Holds 2.65M ETH, Targets 5% of Supply

BitMine Immersion Technologies has established itself as the dominant force in Ethereum accumulation, with holdings of 2,650,900 ETH tokens valued at approximately $11 billion based on Bloomberg’s $4,141 per ETH pricing. This substantial position represents over 2% of Ethereum’s total circulating supply and positions BitMine as the world’s largest ETH treasury. The company’s comprehensive crypto holdings extend beyond Ethereum to include 192 Bitcoin and a $157 million strategic investment in Eightco Holdings, categorized as ‘moonshots’ within their portfolio strategy.

When combined with $436 million in unencumbered cash, BitMine’s total holdings reach $11.6 billion, securing the company’s position as the second-largest global crypto treasury behind only Strategy Inc, which maintains 639,835 BTC valued at $71 billion. This strategic accumulation reflects BitMine’s focused approach to cryptocurrency as a long-term investment vehicle, with the company explicitly targeting ownership of 5% of all Ethereum through what Chairman Thomas Lee describes as the ‘alchemy of 5%’ initiative.

BitMine’s ambitious accumulation strategy is supported by a formidable coalition of institutional investors, including ARK Invest’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera Capital, Kraken, Digital Currency Group, and Galaxy Digital. This institutional confidence is mirrored in the market’s reception of BMNR stock, which has achieved remarkable trading volume with $2.6 billion in average daily dollar volume over a five-day period ending September 26, 2025.

According to data from Fundstrat and Statista, this trading activity ranks BMNR as the 26th most traded stock in the United States among 5,704 listed securities, placing it ahead of financial giant Visa and just behind Marvell Technology. The company’s leadership emphasizes that this combination of rapid net asset value per share growth and exceptional stock liquidity distinguishes BitMine from its crypto treasury peers, creating a virtuous cycle that supports further strategic accumulation.

Thomas ‘Tom’ Lee of Fundstrat, who serves as BitMine’s Chairman, articulated the company’s strategic rationale, emphasizing that ‘as we enter the final months of 2025, the two Supercycle investing narratives remain AI and crypto. And both require neutral public blockchains. Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime.’ Lee further elaborated that these ‘two powerful macro cycles will play out over decades,’ positioning Ethereum as ‘one of the biggest macro trades over the next 10-15 years.’

The company’s leadership draws historical parallels between current regulatory developments and transformative moments in financial history. Lee specifically compared the GENIUS Act and SEC’s Project Crypto to the United States’ August 15, 1971 decision to end the Bretton Woods system and remove the USD from the gold standard. That 1971 event catalyzed the modernization of Wall Street and created the financial infrastructure that dominates today’s markets, suggesting that current blockchain developments could prove similarly transformative.

Lee’s August Chairman’s message emphasized the ‘power law benefits’ that accrue to large holders of Ethereum, providing the theoretical foundation for BitMine’s aggressive accumulation strategy. The company believes that Wall Street and artificial intelligence moving onto blockchain infrastructure will drive a fundamental transformation of the financial system, with Ethereum positioned to capture the majority of this migration due to its established reliability and network effects.