BitMine Immersion, a company based in Las Vegas and listed on the NYSE American exchange, is making waves. It recently reported holding over 2.069 million units of Ethereum (ETH). This massive digital currency stash now makes BitMine the largest corporate treasury focused solely on Ethereum. Its total crypto and cash reserves now stand at more than $9.2 billion.
The company’s Ethereum holdings alone are valued at over $8.9 billion at current prices. This puts BitMine second only to Michael Saylor’s Strategy in the overall crypto treasury space. Recent reports, like one from The Block, show how quickly BitMine has built up its Ether. Just last week, the company held around 1.75 million ETH. This means it added over 319,000 ETH in just a few days, at an estimated cost of $1.4 billion. One of its recent moves included spending $65 million to buy 14,665 ETH.
This surge in BitMine’s Ethereum pile reflects a growing trend. More institutions are getting interested in Ethereum, whether through exchange-traded funds (ETFs) or by adding the cryptocurrency to their own corporate balance sheets. Data from The Block shows that corporate ETH treasuries across the board have reached 2.78 million units. This is worth almost $12 billion and represents about 2.3% of all Ether in circulation.
A Big Bet on Other Projects
Beyond its own significant Ether accumulation, BitMine also announced a strategic investment of $20 million in Eightco Holdings (OCTO). This investment is part of a larger $270 million private investment in public equity (PIPE) deal. BitMine is backing Eightco’s plan to make Worldcoin (WLD) its main treasury asset. Worldcoin, an Ethereum-based token, uses special "zero-knowledge proofs" to check user identity. This is becoming more important as artificial intelligence platforms grow.
This investment falls under BitMine’s "Moonshot" program. Through this program, the company sets aside about 1% of its total money for projects it believes can strengthen the Ethereum ecosystem. The goal is to create long-term value for its shareholders.
Keeping an Eye on the Regulators
Such rapid growth in corporate crypto strategies hasn’t gone unnoticed by market watchers. Nasdaq, for example, has started to pay closer attention to companies that raise money just to buy cryptocurrencies. This means companies with aggressive crypto treasury plans might face stricter rules about what they disclose and how they get listed. All this is happening while institutional demand for digital assets continues to climb.
BitMine started building its Ethereum reserves in the middle of this year. It promotes Ether as a long-term asset and a key part of financial systems built on its network. The company believes that wider acceptance of Ethereum is tied closely to the launch of spot ETFs and more companies putting Ether on their balance sheets. These two trends are absorbing a big chunk of the available Ethereum supply.
Aiming for 5% of All Ether
Tom Lee, BitMine’s President, firmly believes that "Ethereum is one of the biggest macro plays for the next 10 to 15 years." He sees a future where Wall Street, artificial intelligence, and blockchain technology come together, completely changing the financial system. In his view, Ethereum will be the main winner in this transformation.
BitMine has set an ambitious target: to control at least 5% of the total Ethereum supply. This would mean owning about 6.3 million coins. The company calls this plan the "alchemy of 5%." By pursuing this strategy, BitMine aims to solidify its leading position and reinforce its belief that Ethereum will be the backbone of decentralized finance.
Following these announcements, BitMine’s stock (BMNR) rose by 3%. Meanwhile, the price of ETH remained steady at around $4,340, according to market data.
Source: The Block