BitMine Doubles Down on Ethereum With $8.1B Holdings, $623M Cash

• BitMine added over 150,000 ETH, raising its total holdings to 1,866,974 tokens worth $8.1B.
• The firm plans to secure 5% of the Ethereum supply and stake the tokens for yield.
• BitMine stands as the largest Ethereum treasury and trails only Strategy in size.

BitMine Immersion Technologies (BMNR), the Nasdaq-listed digital asset treasury firm led by Fundstrat’s Tom Lee, expanded its Ethereum holdings as crypto prices dipped. The company added over 150,000 ETH last week, bringing its total to 1,866,974 tokens valued at roughly $8.1 billion, alongside $635 million in cash for future purchases, according to the press release. Despite this aggressive accumulation, BMNR traded slightly down pre-market at $43, remaining 35% lower than mid-August highs as Ethereum pulled back from record levels.

The company’s announcement came with a statement from Chairman Tom Lee. He described current conditions as a “multi-decade opportunity for Ethereum and ETH, similar to the transformation seen on Wall Street after the USD went off the gold standard in 1971.” He compared the GENIUS Act and the SEC’s Project Crypto to those structural shifts.

Long-Term Ambitions and Strategic Comparisons

BitMine has declared its goal of acquiring and staking 5% of Ethereum’s total supply. If achieved, it would become the largest listed Ethereum treasury firm and one of the largest overall crypto treasuries. The plan mirrors Michael Saylor’s Strategy of Bitcoin accumulation, but with a focus on Ethereum’s staking framework and decentralized ecosystem.

The company pivoted to an Ethereum-only strategy in late June and rapidly built its holdings. Within seven weeks, it surpassed key milestones, consolidating its position as the largest publicly traded ETH treasury firm. It currently ranks second only to Strategy, which controls 636,505 BTC valued at $71 billion, according to the firm’s disclosure.

BitMine also confirmed that as of August 31, its holdings included 192 Bitcoin in addition to its Ethereum position, combined with unencumbered cash reserves of $635 million. This brought the firm’s total crypto plus cash treasury to $8.98 billion.

Related: BitMine Emerges as Wall Street’s Largest ETH Treasury

A Macro View on Ethereum’s Future

In his latest address, Tom Lee said, “While many investors bought gold in 1971, the real opportunity was seen in the massive innovation unleashed by Wall Street. This same supercycle is happening today for Ethereum.” He added, “We continue to believe Ethereum is one of the biggest macro trades over the next 10 to 15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

BitMine’s positioning also reflects a broader trend. According to sources, Ethereum-focused treasury strategies are gaining traction among institutions. Firms such as SharpLink Gaming, Bit Digital, and GameSquare have adopted ETH-based balance sheets. This signals a shift toward staking rewards, stablecoin activity, and DeFi infrastructure.

This movement is being increased through supportive regulation. As the regulatory support increases, along with corporate backing, Ethereum is beginning to be seen as the structural base of digital finance. With BitMine cementing its position as the largest Ethereum treasury, a question arises: Could corporate ETH accumulation shift the composition of crypto treasuries away from Bitcoin and toward Ethereum?

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