BitMine Crosses $10.8B in Holdings as It Strengthens Ethereum Bet

BitMine Immersion recently announced that its crypto and cash holdings have reached $10.8 billion. The milestone cements BitMine as the single largest Ethereum holder among corporate treasuries. Its bold strategy continues to draw wide attention across the financial and the crypto industry.

BitMine Becomes Top Ethereum Holder

Since its last update on September 8, BitMine has added about 82,233 ETH, worth nearly $370 million. 

This brings its total Ethereum balance to 2,151,676 ETH, valued at roughly $9.75 billion. Alongside its Ethereum stash, the company also holds 192 BTC, equivalent to $22.1 million, a $214 million position in WLD treasury firm Eightco, and $569 million in cash.

BitMine now leads all Ethereum treasuries, outpacing rivals such as Joe Lubin’s SharpLink with 837,230 ETH and The Ether Machine with 495,360 ETH. 

In the broader crypto treasury landscape, BitMine ranks second only to Strategy. The Michael Saylor-led software intelligence firm holds a massive 638,985 BTC worth about $73.5 billion.

BitMine Targets 5% of Ethereum Supply, Backed by Big Investors 

The company’s aggressive strategy is supported by some of the biggest institutional investors in finance and crypto. 

This includes Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. BitMine has set a clear target to acquire 5% of Ethereum’s circulating supply, which equals about 6.04 million ETH.

In his statement, Chairman Tom Lee described Ethereum as one of the biggest long-term trades of the next decade. He pointed to two forces driving this view: Wall Street’s shift to blockchain technology and the rise of Artificial Intelligence (AI), which he believes will fuel a new token economy. 

According to Lee, these changes create what he calls a “supercycle” for Ethereum, rewarding large holders such as BitMine. He added that the transformation of finance is already underway, and most of it is happening on Ethereum. 

Many experts think Ethereum is different from Bitcoin. While the top coin is mainly seen as a way to store value, like gold, the Ethereum blockchain is used by big financial firms to build new financial tools. Analysts at Bernstein described the Ethereum network as the face of blockchain innovation. 

BitMine Stock Soars 572% YTD as Analysts Eye Ethereum’s Next Rally

BitMine shares (BMNR) have become some of the most actively traded in the U.S., averaging $2 billion in daily volume over the past week. The stock closed up 15.3% on Friday at $55.09, marking a 572% gain year-to-date. 

Despite this surge, BMNR traded down 1.8% in pre-market on Monday, according to TradingView. Likewise, Ethereum’s price has slightly pulled back, currently trading at $4,505, down by 2.45%, according to CoinMarketCap data. Nevertheless, analysts are optimistic that the digital coin could see a major rally, reaching $10,000 in this market cycle.