BitMine’s 3.6 Million ETH: Institutional Backing and Treasury Leadership Drive $11.8 Billion in Holdings

BMNR Surpasses 3.6 Million ETH—Largest Ethereum Treasury Globally

BitMine Immersion (BMNR) announced its Ethereum holdings have reached 3,559,879 tokens, totaling approximately $11.12 billion at the current ETH price of $3,120. This positions BitMine as the world’s largest Ethereum treasury and the second largest overall crypto treasury, trailing only Strategy Inc. (MSTR) with its significant Bitcoin reserves. Notably, BitMine now controls 2.9% of the entire ETH supply, surpassing the halfway mark toward its ambitious target of 5%—referred to internally as the ‘Alchemy of 5%.’

High Liquidity and Institutional Investors Bolster Confidence

BitMine’s impressive balance sheet extends beyond ETH. Its crypto, cash, and “moonshots” portfolio is valued at $11.8 billion and includes 192 BTC, $607 million in unencumbered cash, and a $37 million stake in Eightco Holdings. BMNR stock also ranks among the top 50 most traded US stocks, boasting a 5-day average daily dollar volume of $1.4 billion, placing it ahead of companies like DoorDash. Institutional support comes from renowned names like ARK’s Cathie Wood, Founders Fund, Pantera, and Bill Miller III, which reinforces investor confidence in the company’s long-term crypto accumulation strategy.

*Assumes BTC price of ~$35,730 per coin as implied by holdings and value.

Crypto Cycle: Chairman Sees Peak Beyond 2026 and Innovation Tailwinds

BitMine’s November Chairman’s Message addresses the ongoing four-year crypto price cycle, positing that 2026 is unlikely to mark this cycle’s peak. According to Thomas Lee, two factors—likely involving macro cycles and adoption trends—point to a possible cycle top 12 to 36 months out, a shift from past behavior. Ethereum itself continues to gain momentum, driven by the coming Fusaka upgrade, growing stablecoin adoption, and a boom in asset tokenization on the network.

Market and Regulatory Developments Could Spur Growth

The November message also highlights regulatory developments, comparing the GENIUS Act and SEC’s Project Crypto to transformative moments like the end of the Bretton Woods system. These actions are expected to bring greater transparency and open up new opportunities for both issuers and investors, as Ethereum-based asset tokenization enables new forms of innovation, liquidity, and market efficiency.

BMNR Stock Leads Crypto Equities in Volume and Liquidity

BitMine’s trading volumes make up a significant share of global digital asset trading, combining with Strategy Inc. to represent 88% of total volume in this space. After the major deleveraging event in October, crypto volumes are still recovering, but historical trends suggest stronger fourth quarter activity. The high liquidity and institutional backing could help BitMine continue to raise net asset value per share at a pace outpacing its peers.

Key Takeaways: Market Leadership and Tailwinds for Ethereum Strategy

BitMine stands at the forefront of crypto asset management, both as the largest Ethereum holder and as a liquidity leader in US equities. With broad institutional support, ongoing innovation in Ethereum’s ecosystem, and high stock trading volumes, BitMine is uniquely positioned for potential upside as market conditions evolve. Investors watching BMNR may want to follow upcoming regulatory changes and network upgrades that could drive the next phase of crypto and equity growth.

To learn more or view BitMine’s full Chairman’s Message and investor presentation, visit the company’s Investor Relations page or Chairman’s Message.

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