BitMine (BMNR) Now Controls 2.5% of All ETH—Largest Ethereum Treasury in the World

BMNR Surpasses 3 Million ETH, Amassing $12.9 Billion in Crypto and Cash Holdings

BitMine Immersion (NYSE: BMNR) has taken a commanding position in the cryptocurrency world, announcing total crypto and cash holdings of $12.9 billion as of October 12, 2025. Central to this milestone is their Ethereum (ETH) accumulation: BitMine now holds 3,032,188 ETH, equating to over 2.5% of the entire ETH supply—a figure unmatched by any other public or private treasury.

Institutional Confidence Fuels Aggressive ETH Accumulation Strategy

What sets BitMine apart is not just its size, but its momentum. Over just the past few days, the company acquired an additional 202,037 ETH, capitalizing on market volatility. This accumulation places BitMine well on its way toward an ambitious target—the 'Alchemy of 5%,' or holding 5% of the total Ethereum supply.

BMNR’s shareholder base is a who’s who of institutional investors, including ARK’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, and personal investors such as Thomas Lee. Their backing supports both liquidity and growth: BitMine stock is now the 22nd most-traded equity in the U.S., averaging $3.5 billion in daily dollar volume, outperforming UnitedHealth and trailing only Coinbase among high-liquidity stocks.

Breakdown of BitMine's Holdings and Market Impact

BitMine’s total assets are diversified but dominated by Ethereum, positioning the company as a proxy for large-scale ETH exposure in public markets. Here’s how their balance sheet breaks down:

Combined, these holdings position BitMine as the world’s top Ethereum treasury and second only to Strategy Inc (MSTR) for global crypto treasury size. For context, Strategy Inc’s 640,031 BTC is valued at approximately $73 billion.

Leading Trading Liquidity and Market Share

Liquidity matters to both traders and investors, and BMNR excels: together with MSTR, BitMine’s stock accounts for 88% of all global Digital Asset Tracker (DAT) trading volume. This immense trading activity not only brings flexibility but signals deep institutional interest and rapid NAV growth.

BMNR’s Market Playbook: Why This Aggressive Accumulation?

According to Chairman Thomas Lee, BitMine’s approach is based on the thesis that deleveraging events in crypto markets provide rare buying opportunities. He calls current valuations a “substantial discount to the future” and describes a coming Ethereum Supercycle fueled by AI adoption and Wall Street's increasing blockchain exposure. Lee’s keynote at Token2049 and the October Chairman’s Message further outline this strategy, arguing that the impact of new U.S. regulations—the GENIUS Act and SEC's Project Crypto—may rival the historical transition away from the gold standard in 1971.

What’s Next for Investors? 5% of ETH in Sight

While future crypto price action is always uncertain, BitMine’s target of 5% of the global ETH supply is no small feat. Should the company continue this velocity of accumulation, BMNR will likely solidify its reputation as the premier institutional proxy for Ethereum’s potential upside—attracting both risk-seeking investors and institutions eager for crypto exposure.

With unmatched trading liquidity, industry-defining treasury holdings, and aggressive strategic intent, BitMine remains a name to watch as both an industry bellwether and a potentially influential player in the unfolding Ethereum “supercycle.”

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