Bitcoin miner BitMine Immersion has over $10.7 billion mostly in Ethereum on its balance sheet, the company announced on Monday. 

The Nasdaq-listed firm, which trades as BMNR, said that it currently held 2,151,676 ETH, worth $9.7 billion and 192 Bitcoin worth nearly $22 million at today's prices. It added that it also had unencumbered cash of $569 million, a $214 million stake in crypto treasury Eightco, and "other crypto holdings."

"As we mentioned in our August Chairman's message, the convergence of both Wall Street moving onto the blockchain and AI/ agentic-AI creating a token economy is creating a supercycle for Ethereum," Fundstrat Global Advisors Managing Partner Tom Lee said in a statement. 

The Peter Thiel-backed company is the biggest corporate holder of ETH, the second largest cryptocurrency by market value.  

In May, BitMine pivoted to raising money to buy ETH. Lee, the brains behind BitMine's ETH stacking strategy, has long been bullish on BTC but has said that Ethereum could be the "next Bitcoin" thanks to institutional interest in the coin. In his statement, he reiterated the company's aim to acquire 5% of the total Ethereum supply. 



"We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years," Lee said. "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."

Consumers more widely are also upbeat about Ethereum. In a Myriad market, nearly 70% of the participants believe that ETH is more likely to reach $5,000 than sink to $3,500. Ethereum was currently trading a little above $4,520, down 1.6% over the past 24 hours, although it is up 78% over the past three months, according to crypto data provider CoinGecko.

(Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt.)

Ethereum treasuries like BitMine are following a model pioneered by Strategy—formerly MicroStrategy—which shifted from software development to buying Bitcoin in 2020. Strategy now holds 638,985 BTC worth over $73 billion. 

Other Nasdaq-listed companies have followed suit—albeit mostly smaller, lesser-known entities—by buying not only Bitcoin and Ethereum but also altcoins like Solana, XRP, and Toncoin. These companies have achieved at least short-term stock price gains, sometimes with massive spikes.

BitMine's stock has rallied over 1,133 % since the end of June. It was recently trading at nearly $53 per share, up by nearly 5% on Monday. It touched a high of $135 in July. 

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