BitMine Immersion Technologies said Monday that its Ethereum stash now totals 3,236,014 ETH, part of a combined crypto, cash and strategic equity portfolio valued at $13.4 billion. The company reported the holdings as of October 19 at 6:30 p.m. ET, listing the ETH figure using a $4,022-per-ETH valuation from Bloomberg, along with 192 Bitcoin, a $119 million stake in Eightco Holdings (NASDAQ: ORBS) described by the firm as “moonshots,” and $219 million of unencumbered cash.
BitMine’s announcement doubles as a statement about intent: the company said it acquired 203,826 ETH over the past week, bringing its total to roughly 2.7% of the circulating ETH supply and putting it “more than halfway” toward an ambition the firm calls the “alchemy of 5%.” Thomas “Tom” Lee, Fundstrat’s chairman and BitMine’s board chair, framed the purchases as opportunistic, pointing to last week’s market deleveraging and lower open interest as a dislocation that created attractive risk/reward for long-term accumulation.
BitMine positioned itself as the world’s largest public holder of ETH and the second-largest corporate crypto treasury overall, trailing Strategy Inc. (MSTR), which holds a bitcoin position north of 640,000 coins. The company’s release cited Fundstrat research to show BitMine leading ETH treasuries while ranking second globally by total crypto holdings. Strategy’s public filings and recent updates confirm bitcoin holdings in the 640k range, making the comparison a visible benchmark for corporate crypto treasuries.
Strengthening Crypto Portfolio
The timing of BitMine’s disclosure comes amid heightened attention to regulatory and structural developments in crypto markets. Lee likened the impact of the GENIUS Act and the SEC’s Project Crypto to the 1971 U.S. decision to end the dollar’s ties to gold, a historical policy shift he said will be transformative for financial services and payments rails in 2025. That bullish macro framing sits behind BitMine’s continued accumulation strategy, the company said.
Market participants have noticed BitMine’s stock too. Fundstrat data cited by the company show BitMine trading an average daily dollar volume of $2.1 billion on a five-day basis as of October 17, a pace that reportedly ranked the company 33rd among more than 5,700 U.S.-listed stocks, placing it between Costco and Eli Lilly in dollar volume. BitMine emphasized that the firm’s liquidity and trading velocity help attract institutional capital, and that combined trading volume share with Strategy has come to dominate the so-called DAT trading pool.
BitMine’s business model remains anchored in Bitcoin and Ethereum networks. The firm said it accumulates crypto both through proprietary and synthetic Bitcoin-mining activities, as well as by deploying capital raised from public and private markets. Its operations sit in low-cost energy jurisdictions including Trinidad and regions in Texas, Pecos and Silverton, where mining and hash-rate services are concentrated. The company also offers advisory services and has described hash-rate as a financial product for firms seeking Bitcoin-denominated revenues.
Market watchers will be watching three things in the near term: whether ETH’s price stabilizes after the recent deleveraging, whether BitMine continues to add at scale toward its 5% target, and how regulators’ next moves, including the GENIUS Act and ongoing SEC initiatives, shape institutional appetite for corporate treasuries in digital assets. For now, BitMine’s disclosure is a clear signal that at least one public company is leaning into large-scale ETH accumulation as a core strategic bet.
