BitMine Crosses $10 Billion as Ethereum Holdings Surpass 2 Million

BitMine Immersion, led by Tom Lee, has solidified its position as the largest Ethereum treasury holder after its latest accumulation. The firm disclosed on Monday that its combined crypto and cash holdings now stand at $10.8 billion. The company’s aggressive acquisition strategy has pushed its Ethereum balance above 2.15 million ETH, highlighting its determination to dominate long-term blockchain investments.

Ethereum Stash Grows Rapidly

Since September 8, BitMine has acquired around 82,000 ETH, valued at approximately $370 million. This mirrors on-chain tracking data reported by independent analysts. With these purchases, the company’s Ethereum treasury now represents about $9.75 billion in value. Besides Ethereum, the firm also holds 192 BTC worth $22 million, a $214 million equity position in Worldcoin-linked Eightco, and $569 million in liquid cash.

The scale of these holdings places BitMine firmly at the top among Ethereum treasuries. It currently surpasses Joe Lubin’s SharpLink, which owns roughly 837,000 ETH, and The Ether Machine, with 495,000 ETH. On a broader level, BitMine ranks second in overall public crypto treasury size, just behind MicroStrategy, which has accumulated nearly 639,000 BTC worth more than $73 billion.

Targeting Five Percent of ETH Supply

BitMine’s strategy extends beyond short-term accumulation. The company has publicly set its sights on acquiring 5% of Ethereum’s circulating supply. That goal would require ownership of approximately 6 million ETH, a threshold that may alter the distribution of large-scale holdings across the market.

This aggressive strategy seems to be backed by institutional supporters. Key investors are Cathie Wood, Ark Invest, Founders Fund, Bill Miller III, Kraken, Pantera, DCG and Galaxy Digital. Their participation underscores increased confidence that Ethereum continues to be at the heart of the new era of blockchain use.

Broader Market Outlook

Tom Lee pointed out that the role of Ethereum in finance and technology is continually growing. He identified the growing application of blockchain by Wall Street and the development of AI-driven economies as key growth drivers. This convergence, he argued, could create a long-term “supercycle” for Ethereum, rewarding large holders and reinforcing BitMine’s 5% acquisition target.