BitMine (BMNR) Surpasses 3.5 Million ETH, Becomes World’s Largest Ethereum Treasury

Record ETH Holdings: BitMine Controls 2.9% of Global Supply

BitMine Immersion Technologies (BMNR) has cemented its status as a heavyweight in the crypto world, reporting Ethereum (ETH) holdings exceeding 3.5 million tokens. This equates to 2.9% of the global ETH supply—marking a significant leap toward the company's ambitious goal of accumulating 5% of all outstanding ETH. Over the past week alone, BitMine boosted its position by acquiring 110,288 ETH tokens, a 34% increase in weekly ETH purchases versus the previous week.

Trading Activity: BMNR Ranks 48th in US Stock Volume

BMNR is not just amassing crypto—it’s also turning heads with its trading activity. The stock ranks as the 48th most traded US stock, averaging $1.6 billion in daily dollar volume over the last five trading days. This level of activity outpaces hundreds of other listed stocks and speaks to the strong liquidity and investor interest surrounding the company. High-profile institutions such as ARK’s Cathie Wood, Founders Fund, and Pantera are among the premier backers fueling BMNR’s momentum.

Institutional Support and Liquidity Fuel Confidence

Backing from heavyweights like ARK, Founders Fund, Kraken, Galaxy Digital, and influential investor Thomas “Tom” Lee signals deep institutional conviction. BitMine and its peer MicroStrategy now account for 88% of global digital asset treasury (DAT) trading volume. According to BitMine Chairman Tom Lee, Wall Street’s engagement with blockchain and asset tokenization is a pivotal trend that could reshape finance for years to come, positioning Ethereum as a key platform for future growth.

Strategic Growth: Surpassing Peers in Velocity of Crypto NAV Per Share

Compared to crypto treasury peers, BitMine stands out for rapidly raising crypto net asset value (NAV) per share while maintaining superior stock liquidity. The company is only outpaced in total crypto treasury size by MicroStrategy, the world leader in Bitcoin holdings. The recent expansion in ETH assets coincides with market dips—suggesting BitMine’s strategy favors aggressive accumulation when the market pulls back.

What’s Next? Seasonally Strong Q4 and the Race to 5% ETH

The fourth quarter typically brings heightened activity in crypto markets, and BitMine’s continued accumulation hints at a confident outlook for both crypto prices and company NAV. With $398 million in unencumbered cash, the firm has dry powder for further expansion. Notably, BitMine’s push to reach 5% ETH supply could put further upward pressure on the asset’s perceived scarcity and value.

Key Takeaway: BitMine Emerges as Ethereum’s Largest Treasury

BitMine Immersion is on a record-setting trajectory, controlling more ETH than any other entity and capturing the market’s attention with its size and liquidity. Investors interested in the evolving landscape of digital asset treasuries—and the potential super cycle for Ethereum—will want to monitor how BitMine’s next moves could influence both the market and its own long-term value proposition.

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