Tom Lee’s BitMine says crypto and cash holdings top $9.2 billion as ether treasury grows to 2.1 million ETH

Ethereum treasury firm BitMine Immersion (ticker BMNR) said its crypto and cash reserves climbed to over $9.2 billion, led by some 2.069 million ether, as the Las Vegas-based firm hails itself as the world’s largest corporate ETH treasury and the second-largest overall crypto treasury behind Michael Saylor’s Strategy.

BitMine’s latest tally follows steady purchases through August, including $65 million spent on 14,665 ETH. Up from 1.75 million ETH last week, the NYSE American-listed company seems to have added over 319,000 ETH for an estimated $1.4 billion, and its corporate stack is now worth more than $8.9 billion at current prices.

The increase also comes amid rising institutional interest in ether via both exchange-traded funds and balance sheet programs. Public company ether treasuries tracked by The Block have climbed sharply in recent weeks, reaching 2.78 million ETH parked in corporate holdings. The massive cumulative throve is valued at nearly $12 billion and accounts for 2.3% of Ethereum’s circulating supply.

BitMine also unveiled a $20 million strategic investment in Eightco Holdings (OCTO) as part of that company’s $270 million PIPE, backing Eightco’s plan to acquire Worldcoin’s WLD as its primary treasury asset. Worldcoin, an ERC-20 token, uses zero-knowledge proofs to attest to user “humanness,” a theme BitMine framed as increasingly relevant as AI-driven platforms emerge.

The stake kicks off BitMine’s “Moonshot” program, under which the company allocates roughly 1% of its balance sheet to initiatives it says can strengthen the Ethereum ecosystem and create long-term equity value.

On the regulatory end, market gatekeepers are sharpening oversight of crypto-heavy business models. Nasdaq has moved to tighten scrutiny of issuers that raise capital primarily to buy digital assets, a sign that listed companies pursuing aggressive treasury strategies could face elevated listing and disclosure expectations even as institutional demand builds.

BitMine launched its ETH treasury strategy earlier this summer and has framed ether as a long-horizon reserve asset tied to onchain finance adoption. The firm says it aims to keep expanding holdings alongside market infrastructure that increasingly includes spot ETH ETFs and corporate balance-sheet programs, both of which are absorbing supply.

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Chairman Tom Lee said, adding that “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

The company intends to control at least 5% of ETH’s supply, or approximately 6.3 million ether, in an ambitious plan dubbed the “alchemy of 5%.”

BMNR shares ticked up 3% on Monday following the latest disclosure, while ETH was flat around $4,340, according to The Block’s price page.

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