BitMine Amasses $10.8B, Becomes Biggest Ethereum Holder

BitMine Immersion Technologies (BMNR), a crypto and blockchain investment firm, now holds $10.77 billion in assets, making it the biggest Ethereum (ETH) holder in the world and the second-largest crypto treasury overall.

As of September 14 at 6:00 p.m. ET, BitMine disclosed holdings of 2,151,676 ETH valued at $4,632 each, alongside 192 Bitcoin (BTC). The firm also holds an unencumbered cash balance of $569 million and a $214 million stake in Eightco (NASDAQ: ORBS), categorized as a “moonshot” investment. This pushes BitMine’s combined crypto and cash position to $10.8 billion.

The achievement comes just days after a major addition to its Ethereum reserves. On September 11, BitMine acquired 46,255 ETH worth $201 million, according to blockchain analytics platform Onchain Lens, citing Arkham data. The purchase went through a BitGo wallet and was spread across three addresses.

August report and growth strategy

The company’s rapid accumulation follows its August 31 investor disclosure, where BitMine reported $8.98 billion in total holdings, including 1,866,974 ETH, 192 BTC, and $635 million in cash. 

In early September, BitMine laid out its long-term vision through an investor presentation called “The Alchemy of 5%” and a new episode of its monthly video series “The Chairman’s Message” with Chairman Thomas “Tom” Lee.

Lee explained that BitMine’s ultimate target is to secure 5% of the total Ethereum supply. He described the ongoing shift of Wall Street firms onto blockchain and the rise of agentic AI as powerful forces that could trigger a fresh “supercycle” for Ethereum.

Backed by major institutions

Big names from finance and crypto are backing BitMine, showing trust in its push to grab a larger share of Ethereum. Supporters include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, Digital Currency Group, Galaxy Digital, and personal investor Tom Lee.

The company’s stock has also become one of the most actively traded in the United States. Over the past five days, BMNR has averaged $2.0 billion in daily trading volume, ranking as the 28th most traded U.S. stock, just behind Eli Lilly and ahead of Arista Networks, according to Fundstrat and Statista data.

Outlook

“Ethereum is one of the biggest macro trades over the next 10-15 years,” said Lee. “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.”

With nearly $11 billion in assets and the largest ETH treasury in the world, BitMine appears determined to keep raising the bar in crypto treasury management.

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