BitMine Immersion Technologies has solidified its status as the largest corporate holder of Ethereum, now holding over 2.65 million ETH tokens valued at approximately $10.8 billion.
Key Takeaways
- BitMine now holds 2.65 million ETH, equivalent to over 2% of Ethereum’s circulating supply, and valued at $4,141 per token.
- The firm’s total crypto and cash holdings have reached $11.6 billion, including 192 BTC and $436 million in cash reserves.
- BitMine’s “alchemy of 5%” strategy aims to eventually hold 5% of all circulating ETH, or about 6.04 million ETH.
- The company’s stock, BMNR, is now the 26th most traded in the U.S., with a daily average trading volume of $2.6 billion, surpassing even Visa.
What Happened?
BitMine Immersion Technologies has announced its ETH holdings have surpassed 2.65 million tokens as of September 28, 2025. This purchase was part of a continued accumulation strategy and brings BitMine’s total crypto and cash assets to $11.6 billion, reinforcing its leadership among Ethereum treasury holders.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) September 29, 2025
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BitMine provided its latest holdings update for Sept 29, 2025:
$11.6 billion in total crypto + “moonshots”
– 2,650,900 ETH at $4,141 per $ETH tokens
– 192 $BTC coins
– $157 million Eightco stake (NASDAQ-$ORBS)
– unencumbered cash $436 million
Ticker: $BMNR…
BitMine’s Strategic ETH Acquisition Surges Ahead
BitMine’s recent acquisition of approximately 234,846 ETH, worth nearly $963 million, continues its aggressive treasury-building strategy. The company’s ETH reserves now account for 2.2% of Ethereum’s circulating supply, which currently sits around 120.7 million ETH.
- Total ETH held: 2,650,900 ETH
- Value per ETH (as of Sept. 28): $4,141
- Total ETH value: $10.8 billion
- Additional assets: 192 BTC ($21.5 million), $157 million stake in Eightco Holdings, and $436 million in unencumbered cash
Chairman Thomas “Tom” Lee described the company’s focus on Ethereum as part of the biggest macro trades of the next decade. According to Lee, Ethereum’s uptime, reliability, and utility for AI and financial applications make it the ideal public blockchain for long-term investment.
The “Alchemy of 5%” Strategy
BitMine’s long-term goal is to acquire 5% of Ethereum’s total supply, or around 6.04 million ETH. Dubbed the “alchemy of 5%,” this strategy is grounded in Lee’s belief that large ETH holders will benefit from power law distribution effects, making the largest players disproportionately influential and profitable in the ecosystem.
BitMine’s Ethereum-first strategy mirrors broader trends among public firms embracing crypto assets as treasury reserves. Firms like SharpLink and The Ether Machine trail behind with 838,730 and 495,360 ETH respectively, showing just how far ahead BitMine has surged.
Institutional Support and Market Liquidity
BitMine’s growth is backed by heavyweight investors, including ARK Invest’s Cathie Wood, Pantera Capital, Founders Fund, Bill Miller III, Kraken, DCG, and Galaxy Digital. This deep institutional support has helped the firm maintain aggressive buying while keeping its financials robust.
BitMine’s public stock, BMNR, has also gained massive traction. With an average daily trading volume of $2.6 billion, it is now the 26th most traded stock in the United States, even surpassing financial giants like Visa. This liquidity provides BitMine with the capital flexibility needed to pursue high-volume crypto acquisitions.
CoinLaw’s Takeaway
In my experience covering crypto treasury moves, BitMine is playing a very long and smart game. While many companies dabble in crypto for headlines or diversification, BitMine is clearly betting big on Ethereum’s future. They’re not just stacking ETH, they’re trying to become a systemic part of the Ethereum ecosystem. I found their “alchemy of 5%” strategy fascinating and it’s not just about holding assets, it’s about owning influence in a decentralized network. If they keep up this pace, they won’t just be Ethereum’s biggest corporate holder, they’ll be one of its biggest stakeholders.
