Not Done Yet: Bitmine Buys Another $963M in ETH, Hoard Tops 2.65M

BitMine Immersion Technologies (BMNR) is continuing its significant buying spree. The company announced on Sept. 29 that its total crypto and cash holdings have reached $11.6 billion, with its Ethereum ETH $4 174 24h volatility: 3.8% Market cap: $503.65 B Vol. 24h: $33.75 B treasury now exceeding 2.65 million tokens. The decisive buying actions cement BitMine’s status as the world’s largest corporate holder of ETH.

The announcement on Sept. 29 provides a detailed breakdown of the company’s current assets. According to a press release, BitMine’s holdings now comprise 2,650,900 ETH and unencumbered cash reserves of $436 million, bringing the total value of its crypto and cash holdings to $11.6 billion. The report notes that the company owns over 2% of the ETH token supply.

Bitmine’s ‘Alchemy of 5%’ Strategy

This purchase is the latest move in an aggressive accumulation strategy that Coinspeaker has followed closely. The company’s treasury surpassed 2.4 million ETH just last week, while its holdings first topped $9 billion earlier in September. This consistent buying highlights the firm’s rapid growth and singular focus on becoming dominant in the Ethereum ecosystem.

BitMine’s Chairman, Thomas “Tom” Lee, framed the strategy as one of the “biggest macro trades” for the next decade. In the statement, he called Ethereum the “premier choice” for a neutral public blockchain, citing its reliability as essential for integrating AI and Wall Street. Lee reiterated the company’s ambitious goal to pursue the “alchemy of 5%” of all ETH, stating that the power law benefits large-scale holders.

BitMine’s strategy is part of a larger trend among public companies to adopt Ethereum as a primary reserve asset. For instance, esports and tech firm SharpLink Gaming also holds a  significant treasury of 838,000 ETH. The growing number of corporate treasuries highlights a broader institutional belief in Ethereum’s long-term value.

The company’s crypto strategy also drives significant attention in traditional financial markets. BitMine’s stock (BMNR) has become the 26th most traded in the US, with an average daily trading volume of $2.6 billion. This high liquidity places it ahead of established giants like Visa, signaling its growing relevance to investors beyond the dedicated crypto space.

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