Tom Lee-chaired Ethereum treasury company BitMine Immersion reported its crypto and cash holdings had reached $10.8 billion on Monday.
BitMine appears to have bought approximately 82,233 ETH ($370 million) since its last update on Sept. 8, broadly mirroring its reported acquisitions from onchain analysts last week. The company now holds 2,151,676 ETH, worth around $9.75 billion, alongside 192 BTC ($22.1 million), a $214 million stake in WLD treasury firm Eightco, and $569 million in unencumbered cash.
BitMine is currently the largest Ethereum treasury holder, followed by Joe Lubin’s SharpLink and The Ether Machine, with approximately 837,230 ETH and 495,360 ETH, respectively, according to SER data. BitMine is also the second-largest public crypto treasury company overall, behind Michael Saylor’s MicroStrategy, which holds bitcoin in the amount of 638,985 BTC ($73.5 billion).
Supported by institutional investors including Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, BitMine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.
“BitMine has nearly $11 billion in total crypto holdings, surpassing the 2 million ETH milestone,” Tom Lee said in a statement. “As we mentioned in our August Chairman’s message, the convergence of both Wall Street moving onto the blockchain and AI/ agentic-AI creating a token economy is creating a supercycle for Ethereum. And the power law benefits large holders of ETH; hence, we pursue the ‘alchemy of 5%’ of ETH.”
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee added. “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.”
BitMine (BMNR) is currently the 28th most traded stock in the U.S., trading $2 billion per day on a five-day average, the firm said. BMNR closed up 15.3% on Friday at $55.09, according to The Block’s BitMine price page. It is down 1.8% in pre-market trading on Monday, per TradingView, having gained 572% year-to-date.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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