BitMine Becomes World’s Largest Public ETH Treasury with 3.31M Tokens

BitMine Immersion Technologies said Monday that its crypto and cash holdings have swollen to $14.2 billion as the company pushed its Ethereum (ETH) stash past 3.31 million tokens. In a press release, the Las Vegas–based firm reported that, as of October 27, its treasury included 3,313,069 ETH, priced at $4,164 per token by Bloomberg in the filing, alongside 192 Bitcoin (BTC), an $88 million stake in Eightco Holdings described as a “moonshot,” and $305 million of unencumbered cash. Taken together, BitMine said those assets amount to $14.2 billion.

BitMine’s accumulation has made it the largest public holder of Ethereum and the second-largest crypto treasury globally, the company said, trailing only Strategy (MSTR) on overall crypto value. BitMine highlighted that its ETH position now represents roughly 2.8% of the total ETH supply, a milestone the company framed as progress toward its stated target of controlling 5% of the network.

Thomas “Tom” Lee, Fundstrat chair and BitMine’s chairman, framed the moves in macro terms, saying that improving trade talks between the United States and China were a tailwind for Ethereum and the broader crypto market. Lee pointed to recent volatility, including what he called the largest single-day deleveraging event in crypto on October 10, but argued that the current dislocation creates an attractive risk/reward for buyers. He noted that BitMine increased cash on hand to $305 million from $219 million and bought 77,055 ETH in the prior week, bringing the company “more than halfway” toward its 5% ambition.

The company also emphasized its market footprint beyond crypto holdings. Citing Fundstrat data, BitMine said the stock has averaged $1.5 billion in daily dollar trading volume over the five-day period ended October 24, ranking it 46th among U.S.-listed stocks and placing it in the company of major financial names on a liquidity basis. That liquidity, BitMine said, has helped it attract institutional capital and maintain a prominent role among publicly traded crypto treasuries.

Strategic Moves

BitMine’s pivot from a Bitcoin-mining operator into an Ethereum-heavy treasury has been rapid this year. The firm describes its business as a hybrid of mining operations and treasury accumulation: continuing Bitcoin mining and mining-related services while also purchasing digital assets for long-term investment. That strategy has drawn attention from investors and analysts as BitMine ratchets up its ETH position.

In the release, Lee compared regulatory and policy moves this year, including the GENIUS Act and the Securities and Exchange Commission’s Project Crypto initiatives, to historic finance moments, saying action in 2025 could be as transformational to financial services as the end of the Bretton Woods gold standard in 1971. BitMine positioned itself as a firm trying to capitalize on that structural change by building a large, liquid crypto treasury.

BitMine’s announcement arrives amid renewed debate over the value and risks of corporate crypto treasuries. Experts have noted that rapid accumulation strategies can create concentrated exposures even as they deliver headline-grabbing balance sheets; BitMine’s figures now place it among the most closely watched public names in that debate. The company said its lines of business will continue to include traditional and synthetic BTC mining, hashrate products, advisory services for firms seeking BTC revenues, and corporate advisory to public companies, alongside its ongoing treasury accumulation program.