TL;DR:
- BitMine’s Ethereum holdings surpass 3.3M ETH, worth $13.7B and representing 2.8% of circulating supply.
- Institutional backing from Ark Invest, DCG, and others supports its target of 5% ETH supply.
- ETH price is buoyed by U.S.-China trade optimism, while BitMine ranks among top-traded U.S. equities.
BitMine Immersion has surpassed 3.3 million ETH in holdings, solidifying its position as the largest Ethereum treasury company, following its latest acquisition of 77,055 ETH. The purchase, valued at roughly $319 million at current prices, pushes BitMine’s total crypto and cash holdings to $14.2 billion. These ETH holdings represent nearly 2.8% of Ethereum’s circulating supply, highlighting BitMine’s market dominance over competitors such as Joe Lubin’s SharpLink and The Ether Machine.
Institutional Support and Strategic Growth
BitMine’s expansion is backed by major institutional investors. Funders include Ark Invest’s Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera. The company has set a target of acquiring 5% of Ethereum’s circulating supply, equivalent to roughly 6.04 million ETH. In addition to Ethereum, BitMine holds 192 BTC ($22.2 million), an $88 million stake in WLD treasury firm Eightco, and $305 million in unencumbered cash, reinforcing its diversified approach to crypto treasury management.
Ethereum’s macro environment supports BitMine’s bullish strategy. ETH rebounded 3.1% over the past week amid optimism from U.S.-China trade talks and a short liquidation surge. Fundstrat Managing Partner and BitMine Chairman Tom Lee noted that progress in trade negotiations is positive for Ethereum and crypto broadly, as rising tensions previously triggered historic deleveraging events. The correlation between crypto and “risk-on” assets via leverage channels underscores the potential for further appreciation.
Trading volume and market influence highlight BitMine’s leadership. The company ranks among the top-traded U.S. equities, with a five-day average daily volume of $1.5 billion, placing it 46th nationwide. Combined with Strategy’s MSTR, BitMine accounts for 88% of global DAT trading volume, demonstrating its velocity in raising crypto NAV per share and the liquidity of its stock. As Ethereum continues its expected Supercycle, the company’s strategic positioning and institutional support make BitMine a dominant force in crypto treasury holdings.
