BitMine Expands Ethereum Holdings to $11 Billion as Institutional Backing Grows

BitMine Immersion Technologies has significantly increased its Ethereum reserves, adding 234,846 ETH in the past week.

The purchase brings the company’s total Ethereum holdings to more than 2.6 million tokens, with a market value of approximately $11 billion. Alongside its ETH position, BitMine reported $436 million in unencumbered cash and steady Bitcoin holdings of 192 BTC. The firm also disclosed a $157 million equity stake in Eightco Holdings.

With these positions, BitMine continues to rank as the second-largest crypto treasury in the world, trailing only Strategy Inc., which holds 640,031 BTC valued at nearly $72 billion.

Chairman Thomas “Tom” Lee, who also founded Fundstrat, framed Ethereum as a cornerstone of the ongoing investment “supercycle,” citing the blockchain’s reliability and uninterrupted uptime as defining features. He emphasized that the convergence of artificial intelligence and blockchain adoption is reinforcing Ethereum’s role as the leading neutral public ledger.

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The company’s institutional investor base reflects deep market confidence, with backing from ARK Invest’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. BitMine has publicly stated its long-term goal of acquiring 5% of the total Ethereum supply, positioning itself for what leadership describes as one of the most important macro trades of the next 10–15 years.