BitMine Immersion announced Monday that its ETH treasury has surpassed 2.65 million tokens, valued at approximately $10.8 billion, following substantial weekly acquisitions. The Las Vegas‑based company purchased 234,846 ETH worth $961.5 million since its Sept. 22 update, significantly expanding its market dominance.
Total crypto and cash holdings reached $11.6 billion as of Sept. 28. Beyond Ethereum, BitMine maintains 192 Bitcoin valued at $21.5 million, a $157 million stake in WLD treasury firm Eightco, and $436 million in unencumbered cash reserves.
The company’s Ethereum position represents roughly 2.2 % of Ethereum’s circulating supply, which currently sits at approximately 120.7 million tokens. BitMine now holds more than triple the Ethereum treasury of its nearest competitor in the corporate holder category.
Joe Lubin’s SharpLink ranks second with approximately 838,730 Ethereum, while The Ether Machine holds around 495,360 Ethereum in third position. BitMine’s aggressive acquisition strategy continues to widen the gap between itself and other publicly traded treasury companies focused on Ethereum.
Chairman Tom Lee positioned Ethereum as essential infrastructure for converging AI and crypto trends. He emphasized that both sectors require neutral public blockchains, citing Ethereum’s reliability and perfect uptime record as key advantages for long‑term positioning.
BitMine aims to acquire 5 % of circulating Ethereum supply, equivalent to roughly 6.04 million tokens at current levels. The company secured backing from prominent institutional investors, including Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital.
The firm now ranks as the second‑largest public crypto treasury company globally, trailing only Michael Saylor’s Strategy, which holds 640,031 Bitcoin valued at $71.8 billion. Strategy’s position represents over 3 % of Bitcoin’s total 21 million supply following its latest acquisition announcement on Monday.
BitMine’s stock rose more than 6 % Monday morning to $53.60 following the announcement, though shares remain down nearly 4 % over the past week. The company achieved top‑traded status among U.S. equities with its five‑day average daily volume reaching $2.6 billion as of Sept. 26, ranking 26th nationwide just behind Marvell Technology and ahead of Visa.
Lee stated that BitMine leads crypto treasury peers in both the velocity of raising crypto net asset value per share and trading liquidity. He noted that as 2025 enters its final months, AI and crypto remain the two supercycle investing narratives expected to unfold over decades.