Key Takeaways
- BitMine has recently snapped up $963 million worth of Ethereum.
- The company now boasts an ETH treasury valued at a whopping $11 billion.
- It also holds a sizeable stake in Bitcoin but prefers ETH, as seen in its aggresive acquisition tactics.
BitMine Immersion Technologies has expanded its already leading role in Ethereum, adding 234,846 ETH with a value of approximately $963 million. The acquisition was detected by comparing the latest company disclosure to its previous treasury update.
Ethereum Holds the No. 1 Spot in BitMine’s Treasury
As of September 28, the Bitcoin and Ethereum infrastructure company had total assets of $11.6 billion. It currently owns 2,650,900 ETH, 192 Bitcoin (BTC), cash of $436 million, and an investment in Eightco Holdings, listed on Nasdaq with a ticker of ORBS.
The numbers put BitMine at the top of the list of the largest Ethereum holders in the world. It is also the second-largest corporate crypto treasury in general, behind Strategy Inc. (MSTR), which owns 639,835 BTC worth $71 billion.Thomas, also known as Tom Lee, the chairman of BitMine and Fundstrat, pointed out how Ethereum can play a role in the long-term strategy of the company.
“As we enter the final months of 2025, the two Supercycle investing narratives remain AI and crypto. And both require neutral public blockchains. Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime,” he said.
Lee restated that the company would have a focused bet on ETH. “As we mentioned in our August Chairman’s message, the power law benefits large holders of ETH; hence, we pursue the ‘alchemy of 5%’ of ETH.”
He also put the existing regulatory and market context into perspective as a pivot point that was equivalent to the dismantling of Bretton Woods in 1971, when the US disconnected the dollar and gold. “The GENIUS Act and SEC’s Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971, ending Bretton Woods and the USD on the gold standard 54 years ago,” Lee said. He added that the 1971 event “was the catalyst for the modernization of Wall Street.”
The stock of BitMine has become one of the most traded stocks in the United States. The company traded an average of $2.6 billion per day during the five days before September 26, according to Fundstrat data, which places it 26th among U.S.-listed companies. That incident ranked it between Marvell Technology at 25th and Visa at 27th, with over 5,700 shares.
Is ETH Price Surge Coming Soon?
Technically, the Ethereum price is approaching the resistance levels following a sudden reversal. According to market data, ETH had fallen into the $3,800 to $3,900 price range and was only then rescued by buyers, who pushed the price to a level of approximately $4,200. Analysts reported that the next major hurdle was the $4,300-4,400 band, and the $4,600-4,700 zone was a possible target in case of momentum.
Oversized positions were also flushed out by recent volatility. A long squeeze below $3,900 indicated that leverage was cleared by the bounce, as indicated by the liquidation heatmap. At present, there is another thick liquidity pool that is assembled around the area of $4,200. With clearance, traders are getting a way to the highs of above $4,700, where more liquidity is concentrated.
Read More: Ethereum News Today: Ethereum Whales Buy $3.8 Billion of ETH, Time to Go Long?
