There’s a quiet rumble in the crypto markets, a sound that often signals something big is brewing. This time, it’s coming from BitMine Immersion, the Ethereum treasury company chaired by Tom Lee. They just announced their crypto and cash holdings have soared past the $10 billion mark, hitting $10.8 billion, to be precise. It’s a number that makes you sit up and take notice, even in a world accustomed to eye-popping figures.
- BitMine Immersion, chaired by Tom Lee, has announced its crypto and cash holdings have surpassed $10 billion, reaching $10.8 billion. The company has also significantly increased its Ethereum holdings, acquiring an additional 82,233 ETH since its last update.
- The company’s current holdings include a substantial amount of Ethereum (approximately $9.75 billion), a smaller stake in Bitcoin, an investment in Eightco, and significant unencumbered cash, demonstrating a diversified yet Ethereum-centric portfolio.
- BitMine aims to acquire 5% of the circulating ETH supply, driven by Tom Lee’s belief in an “Ethereum supercycle” fueled by Wall Street’s blockchain adoption and AI advancements, positioning Ethereum as a generational investment opportunity.
BitMine isn’t just holding; they’re actively accumulating. Since their last update on September 8, the company appears to have scooped up another 82,233 ETH. That’s roughly $370 million worth of Ethereum, mirroring what onchain analysts had already spotted last week. This steady acquisition strategy tells a story of conviction, a belief in Ethereum’s long game.
Currently, BitMine holds a staggering 2,151,676 ETH. At recent valuations, that’s about $9.75 billion tied up in Ethereum alone. They also keep a smaller stash of 192 BTC, valued at $22.1 million, alongside a $214 million stake in Eightco, a WLD treasury firm. And for good measure, they have $569 million in unencumbered cash. It’s a diversified portfolio, but Ethereum clearly leads the charge.
This makes BitMine the undisputed heavyweight champion among Ethereum treasury holders. Its closest competitors, Joe Lubin’s SharpLink and The Ether Machine, hold significantly less, with approximately 837,230 ETH and 495,360 ETH, respectively. These numbers, tracked by SER data, paint a clear picture of BitMine’s dominant position in the Ethereum ecosystem.
But zoom out a bit, and the landscape shifts. While BitMine reigns supreme in Ethereum, it’s the second-largest public crypto treasury company overall. Michael Saylor’s MicroStrategy still holds the top spot, with a colossal 638,985 BTC, valued at around $73.5 billion. It’s a reminder that while Ethereum is a focus, Bitcoin remains the king of the hill for some institutional players.
BitMine isn’t operating in a vacuum. They have some serious institutional muscle behind them. Think Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. These are names that carry weight, suggesting a broader institutional belief in BitMine’s strategy and, by extension, in Ethereum’s future. It’s not just a hunch; it’s a calculated play.
The company has a very specific, ambitious target: acquiring 5% of the circulating ETH supply. That’s roughly 6.04 million ETH. It sounds like a lot, doesn’t it? But Tom Lee, BitMine’s chairman, sees a clear path. He stated, “BitMine has nearly $11 billion in total crypto holdings, surpassing the 2 million ETH milestone.” He believes a “supercycle for Ethereum” is upon us.
What drives this supercycle, according to Lee? He points to the “convergence of both Wall Street moving onto the blockchain and AI/agentic-AI creating a token economy.” It’s a powerful combination, he argues. He also suggests that “the power law benefits large holders of ETH.” This is why BitMine is pursuing what he calls “the alchemy of 5% of ETH.” It’s a bold vision, one that hinges on fundamental shifts in technology and finance.
Ethereum’s Long Game and Market Reaction
Lee’s confidence doesn’t stop at the supercycle. He sees Ethereum as a generational opportunity. “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” he added. That’s a long horizon, suggesting deep conviction in the underlying technology and its potential to reshape global finance.
He envisions a significant transformation of today’s financial system, driven by Wall Street and AI integrating with blockchain technology. And, crucially, he believes “the majority of this is taking place on Ethereum.” It’s a testament to Ethereum’s position as a foundational layer for decentralized applications and financial innovation.
Of course, the market has taken notice. BitMine (BMNR) is currently the 28th most traded stock in the U.S. On a five-day average, it trades about $2 billion per day. That’s a lot of action, reflecting significant investor interest in the company’s strategy and its exposure to Ethereum.
The stock itself has seen quite a ride. BMNR closed up 15.3% on Friday, hitting $55.09. While it saw a slight dip of 1.8% in pre-market trading on Monday, the year-to-date performance is nothing short of spectacular. The stock has gained a remarkable 572% since the start of the year. It’s a clear sign that investors are betting big on BitMine’s Ethereum-centric approach.
This kind of performance and strategic accumulation raises interesting questions. What does it mean for the broader Ethereum ecosystem when a single entity aims for such a significant portion of the supply? Does it signal a maturation of the asset class, moving from speculative plays to serious institutional accumulation? Or does it hint at a future where large holders wield considerable influence?
Tom Lee and BitMine are clearly playing a long game. Their strategy isn’t about quick flips but about positioning themselves for what they see as a fundamental shift in finance. As Wall Street continues its slow, steady march onto the blockchain, and as AI applications become more integrated, BitMine’s bet on Ethereum could prove to be a very prescient one indeed.
