BitMine Immersion Technologies has dramatically expanded its Ethereum holdings, cementing its place as the largest single corporate holder of ETH. The U.S.-listed blockchain technology company, which is better known for its large-scale Bitcoin mining operations, disclosed that it has purchased an additional 234,846 Ether for roughly $936 million. The deal lifts BitMine’s total stash to 2,650,900 ETH, acquired at an average price of $4,141 per token.
With this accumulation, BitMine controls more than 2% of Ethereum’s circulating supply and now operates the biggest Ethereum treasury in the world. Only one company holds a larger crypto position overall—MicroStrategy, which has amassed 639,835 Bitcoin valued at about $71 billion. BitMine’s push into Ethereum gives it a distinctive position among publicly traded blockchain firms that traditionally favor Bitcoin.
Tom Lee, co-founder of Fundstrat and chairman of BitMine, said the acquisition is part of a long-term strategy he calls the “Alchemy of 5%,” aimed at eventually owning 5% of the total ETH supply. “Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH,” Lee noted, echoing comments he first made in an August shareholder letter. According to Lee, large holders of Ether are poised to benefit from network effects and a long-term power-law distribution of value.
The company has been on a rapid accumulation spree, turning itself into a major whale within the Ethereum ecosystem even as it continues to run its Bitcoin mining operations. BitMine is currently the 26th most traded stock in the United States, with an average daily volume of about $2.6 billion. Beyond Ethereum, it holds a $157 million equity stake in Eightco Holdings and maintains cash reserves of $436 million, giving it room for further strategic investments.
Lee also underscored his conviction about Ethereum’s prospects during a recent appearance at Korean Blockchain Week. There, he described Ethereum as a “truly neutral chain” and predicted a “super cycle” lasting 10 to 15 years—an extended period of adoption and value creation he believes will reward early, large-scale holders like BitMine. This long-horizon view differentiates the company from many crypto firms that tend to trade their holdings more actively.
BitMine’s strategy places a bold bet on Ethereum’s continued dominance in decentralized finance, tokenization, and smart contract infrastructure. If Lee’s thesis proves correct and Ethereum enters the kind of sustained growth he envisions, BitMine’s massive exposure could provide a significant edge over competitors and position it as a pivotal player in the next phase of the crypto economy.
