BitMine Immersion Technologies has announced its total crypto and cash holdings have surpassed $10.8 billion, with its Ethereum treasury growing to 2.15 million ETH, positioning it as the largest Ethereum treasury holder among public companies.

Executive Summary

BitMine Immersion Technologies (BMNR) reported its total crypto and cash holdings reached $10.771 billion as of September 14, 2025. The company’s Ethereum treasury now holds 2,151,676 ETH, making it the largest Ethereum treasury among public companies globally and the second-largest public crypto treasury overall, following MicroStrategy. This accumulation is part of a strategic initiative to acquire 5% of the circulating ETH supply, driven by a conviction in Ethereum’s "supercycle" fueled by institutional adoption and AI integration.

The Event in Detail

BitMine Immersion announced its substantial crypto and cash reserves, totaling $10.771 billion. This comprises 2,151,676 ETH, valued at approximately $4,632 per ETH, alongside 192 Bitcoin (BTC), a $214 million stake in Eightco (NASDAQ-ORBS), and $569 million in unencumbered cash. In the preceding week, the company acquired an estimated 82,233 ETH, valued at $370 million. This strategic accumulation has propelled BitMine to hold the largest Ethereum treasury among public companies. The company’s chairman, Thomas “Tom” Lee of Fundstrat, characterized Ethereum as entering a "supercycle" due to the convergence of Wall Street and AI on the blockchain ecosystem.

Market Implications

BitMine’s aggressive accumulation strategy positions it as a significant "floor buyer" for ETH, potentially reducing supply volatility and establishing price stability. The company aims to acquire 5% of the total circulating ETH supply, which is approximately 6.04 million ETH. This strategy is reinforced by Ethereum’s annualized issuance rate dropping to 0.7% by Q2 2025 and staking yields ranging from 3-12%. The U.S. SEC’s reclassification of Ethereum as a utility token in 2025 facilitated the approval of Ethereum exchange-traded funds (ETFs), which saw $9.4 billion in inflows during Q2 2025. This institutional interest validates Ethereum’s role as a long-term store of value and an institutional-grade reserve asset. Increased institutional engagement, however, can introduce short-term market volatility and raises questions regarding the concentration of power within the Ethereum ecosystem, potentially challenging decentralization principles.

Business Strategy & Market Positioning

BitMine’s approach mirrors the successful Bitcoin treasury strategy employed by MicroStrategy, which holds 638,460 BTC valued at $74 billion. However, BitMine’s focus on Ethereum positions it uniquely as the dominant ETH treasury holder. The company’s strategy involves long-term investment and active accumulation, supported by institutional investors including Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. This strategy has led to a 74% increase in the company’s net asset value (NAV) per share over three months. The company’s stock (BMNR) has also demonstrated high liquidity, with an average daily trading volume of $2.0 billion. Tom Lee emphasizes that the convergence of Wall Street onto the blockchain and AI creating a token economy is creating a "supercycle" for Ethereum, which benefits large holders of ETH.

Broader Context

The substantial institutional investment in Ethereum, exemplified by BitMine’s holdings, signifies a broader shift in the digital asset landscape. The increasing net inflows into Ethereum-based ETFs and the regulatory clarity surrounding Ethereum contribute to its growing acceptance as a foundational asset in the financial system. This trend suggests a potential transformation of today’s financial infrastructure, with a significant portion of this evolution occurring on the Ethereum blockchain. The "alchemy of 5%" target not only aims to reduce circulating supply but also underscores a strategic long-term vision for Ethereum as a macroeconomic asset class, attracting further institutional capital and solidifying its role in global finance.