There are big players in the crypto world, and then there are the truly massive ones. BitMine Immersion, an Ethereum treasury company, just reminded us where they stand. They now hold over 3.3 million ETH, a stash worth roughly $13.7 billion. That is a serious vote of confidence in Ethereum’s future.
- BitMine Immersion has significantly increased its Ethereum holdings, now possessing over 3.3 million ETH valued at approximately $13.7 billion, representing a substantial portion of the circulating supply.
- The company’s diverse treasury also includes Bitcoin, a stake in Eightco, and substantial cash reserves, positioning it as a major player in the digital asset landscape.
- BitMine’s growing influence is further demonstrated by its high trading volume in traditional stock markets, indicating strong investor interest in companies with direct crypto holdings.
This latest milestone follows a busy week for BitMine. They added another 77,055 ETH to their holdings since their last update on October 20. At current prices, that recent purchase alone amounts to about $319 million. It shows a steady, deliberate accumulation strategy.
BitMine’s total crypto and cash holdings hit $14.2 billion on Monday. It is not just Ethereum they are collecting. As of October 26, their treasury also included 192 Bitcoin, valued at about $22.2 million. They hold an $88 million stake in Eightco, a WLD treasury firm, plus $305 million in unencumbered cash. It is a diverse portfolio, but Ethereum clearly leads the pack.
To put BitMine’s Ethereum position into perspective, their 3.3 million ETH represents nearly 2.8% of Ethereum’s current circulating supply. That supply sits at approximately 120.7 million ETH. That is a significant chunk, wouldn’t you say?
When we look at who holds the most Ethereum among public companies, BitMine is the undisputed leader. They stand well ahead of names like Joe Lubin’s SharpLink, which holds around 859,400 ETH. The Ether Machine follows with about 496,710 ETH. BitMine is playing in a different league entirely.
Looking at the broader crypto treasury landscape, BitMine is the second-largest public crypto treasury company overall. Michael Saylor’s Strategy holds the top spot, primarily with Bitcoin. Strategy has 640,808 BTC, valued at a staggering $74 billion. This amount is more than 3% of Bitcoin’s total 21 million supply. It seems the race to accumulate digital assets is heating up among these major players.
BitMine has an ambitious goal: they aim to acquire 5% of the circulating ETH supply. That would mean holding around 6.04 million ETH. This target is backed by some serious institutional muscle. Names like Ark Invest’s Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera are all supporting BitMine. This kind of backing often signals a strong belief in the long-term value of the asset.
Market Currents and Macro Winds
This latest acquisition news arrived as Ethereum saw a nice rebound. ETH gained 3.1% over the past week. What pushed it up? Trader optimism about macroeconomic conditions played a big part. The ongoing U.S.-China trade talks offered a positive signal. We also saw a surge in short liquidations on Sunday, which often gives prices a quick lift.
Tom Lee, who is a Managing Partner at Fundstrat and also BitMine’s Chairman, weighed in on Monday. He sees the U.S.-China trade talks as a good sign for Ethereum and crypto in general. He pointed out that these are global assets. Rising tensions between nations had triggered the largest deleveraging event in crypto just a few weeks prior. It is a reminder that even decentralized assets feel the ripples of global politics.
Lee also shared some interesting insights on crypto’s relationship with traditional markets. He noted that while Ethereum and crypto fundamentals are often seen as separate from equities, Fundstrat’s research tells a different story. Over the past 15 years, crypto tends to perform better when equities rise. This suggests a correlation to “risk-on” assets, often through associated leverage in the market.
He highlighted that the open interest for ETH is currently at levels last seen on June 30 of this year. Back then, ETH was trading around $2,500. Considering the expected “Supercycle” for Ethereum, Lee believes this price difference offers an attractive risk-reward scenario. It is a way of saying the market might be underpricing Ethereum’s potential right now.
BitMine’s Growing Influence
BitMine is not just a big holder of Ethereum. They are also becoming a significant player in the traditional stock market. The company is now among the top-traded U.S. equities. As of October 24, its five-day average daily volume stood at $1.5 billion. That is enough to rank it 46th nationwide.
Think about that for a moment. Among 5,704 U.S.-listed stocks, BitMine sits just behind Goldman Sachs in trading volume. That is quite a feat for a company focused on digital assets. It shows how much investor interest has grown in companies that directly hold crypto.
Tom Lee emphasized BitMine’s market strength. He stated that the combined trading volume share of BitMine and Strategy (MSTR) now accounts for 88% of all global DAT (Digital Asset Treasury) trading volume. He added that BitMine continues to lead its crypto treasury peers. They do this both by how quickly they grow crypto NAV (Net Asset Value) per share and by the high trading liquidity of their stock. It is a clear signal of their market dominance and investor appeal.
BitMine’s steady accumulation of Ethereum, coupled with its strong market presence, paints a picture of a company with clear conviction. They are betting big on Ethereum, and the market seems to be paying close attention. It makes one wonder how high that 2.8% of circulating supply might climb in the months ahead.
