Tom Lee’s BitMine Expands Ethereum Holdings over $8.5 Billion, Becomes Top ETH Treasury

BitMine Immersion Technologies has solidified its position as the world’s leading corporate holder of Ethereum, announcing today that its Ethereum treasury now exceeds 2 million ETH, valued at over $8.5 billion. This marks a significant increase from the 1.8 million ETH reported just a week prior, reflecting the company’s aggressive strategy to accumulate the cryptocurrency.

Alongside its Ethereum holdings, BitMine maintains 192 Bitcoin and a cash balance of $266 million, reinforcing its robust financial position. The company’s rapid growth in digital assets underscores its ambition to dominate the Ethereum market while maintaining a diversified crypto portfolio.

Strategic Moves and Market Impact

BitMine’s ascent to the top Ethereum treasury globally, and the second-largest crypto treasury behind Strategy’s 638,460 Bitcoin valued at $71 billion, highlights its strategic pivot toward Ethereum. The company’s chairman, Thomas “Tom” Lee, emphasized the transformative potential of Ethereum, citing the convergence of Wall Street’s adoption of blockchain technology and the rise of AI-driven token economies. This vision drives BitMine’s pursuit of owning 5% of Ethereum’s total supply, a goal Lee refers to as the “alchemy of 5%.” The company’s recent milestone of surpassing 2 million ETH reflects its commitment to capitalizing on Ethereum’s growing role in the financial ecosystem.

In addition to its Ethereum accumulation, BitMine announced a $20 million strategic investment in Eightco Holdings as part of a $270 million private investment in public equity (PIPE). This move marks the launch of BitMine’s “Moonshot” strategy, which allocates roughly 1% of its balance sheet to support innovative projects within the Ethereum ecosystem. Eightco Holdings plans to acquire Worldcoin, an ERC-20 token focused on zero-knowledge proof of identity, aligning with BitMine’s broader goal of strengthening Ethereum’s infrastructure. This investment signals BitMine’s intent to foster long-term growth in the Ethereum network while creating value for its shareholders.

BitMine’s stock (BMNR) has seen remarkable trading activity, with a five-day average daily trading volume of $1.7 billion. The high liquidity reflects strong investor interest, bolstered by support from prominent institutional investors such as ARK Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. These backers endorse BitMine’s vision of acquiring a significant portion of Ethereum’s supply, positioning the company as a key player in the digital asset space.

The broader crypto market provides context for BitMine’s strategy. Ethereum’s price has surged over 50% in the past month, trading just below $4,500, though it remains shy of its all-time high of $4,900. This rally, coupled with Ethereum’s increasing use in stablecoin minting and decentralized finance, supports BitMine’s long-term outlook. Meanwhile, Strategy, led by Michael Saylor, continues to dominate the Bitcoin treasury space, recently acquiring 1,955 Bitcoin for $217 million between September 2 and 7, 2025. BitMine’s focus on Ethereum, however, sets it apart in a market where corporate crypto treasuries are gaining traction.