- BitMine Immersion increased its Ethereum holdings by 82,300 ETH in one week, strengthening its position as the world’s largest ETH treasury.
- The company now holds 3.4 million ETH, 192 BTC, and $389 million in cash, marking total assets of $13.7 billion.
- Chairman Tom Lee stated that Ethereum’s fundamentals are accelerating, with rising stablecoin supply and record application revenues boosting long-term confidence.
BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has announced a substantial expansion of its Ethereum portfolio, acquiring 82,300 ETH in the past week. This acquisition lifts the company’s total crypto and cash assets to approximately US$13.7 billion as of November 2, 2025.
Largest Ethereum Treasury Expands Holdings Rapidly
BitMine now holds 3,395,422 ETH valued at $3,903 per token, 192 BTC, and $389 million in unencumbered cash. The firm also retains a $62 million equity position in Eightco Holdings (NASDAQ: ORBS), described internally as part of its “moonshot” portfolio. With this growth, BitMine reinforces its position as the world’s largest Ethereum treasury and the second largest global crypto treasury after Strategy Inc (MSTR), which holds 640,808 BTC worth $71 billion.
Thomas “Tom” Lee, Chairman of BitMine and head of Fundstrat, noted that the company is building on Ethereum’s improving fundamentals and market reset conditions. He highlighted that stablecoin supply on Ethereum has risen by over 15% in the past eight weeks, while application revenues have reached record highs according to DefiLlama. Lee said these developments strengthen the network’s outlook as market fundamentals move ahead of price trends.
Following October 10’s record liquidation event in crypto markets, Ethereum open interest dropped 45% over eight weeks as reported by Coinalyze. Lee described this as a healthy reset that creates room for price and fundamentals to align more closely in the months ahead.
Strengthened Cash Position and Long-Term Strategy
BitMine increased its cash reserves to $389 million from $305 million the previous week, while its ETH acquisition lifted holdings to 2.8% of Ethereum’s total supply. Lee confirmed that the company is now over halfway toward its goal of owning 5% of ETH’s supply as part of its long-term investment strategy.
The company’s broader approach balances core crypto positions in Ethereum and Bitcoin with targeted equity investments aligned to its digital asset vision. Lee also compared the ongoing financial shift driven by the GENIUS Act and SEC’s Project Crypto to the 1971 Bretton Woods break that redefined global finance and accelerated Wall Street’s modernization. He called these regulatory efforts a foundation for the next generation of financial innovation.
This focus on accumulation and liquidity places BitMine among the most strategically positioned crypto treasuries, balancing growth with stability amid volatile market conditions.
Trading Volume Reflects Institutional Interest
BitMine has emerged as one of the most actively traded equities in the United States. Fundstrat data shows its five-day average daily trading volume at $1.5 billion as of October 24, ranking #60 nationally among 5,704 listed companies. It sits just behind Walmart and ahead of Marvell Technology in daily trading value.
The combined share of BitMine and MSTR represents 88% of all global Digital Asset Treasury (DAT) trading volume. According to Lee, BitMine’s liquidity and consistent growth in crypto net asset value per share continue to attract institutional investors seeking exposure to on-chain assets.
With crypto and equity markets entering a historically strong fourth quarter, Lee expects trading volumes and open interest to recover gradually. BitMine continues to lead the crypto treasury sector in both asset accumulation and market liquidity, reinforcing its role as a core institutional gateway to Ethereum exposure.
