As of Oct. 12, Bitmine’s (NYSE American: BMNR) combined crypto, cash, and “moonshot” investments total $13.4 billion, including 3,032,188 ETH valued at $4,154 per coin, 192 bitcoin (BTC), $135 million in Eightco Holdings (Nasdaq: ORBS), and $104 million in unencumbered cash.
The company ranks as the second-largest overall crypto treasury globally, trailing only Strategy Inc. (MSTR) and its 640,031 BTC worth $73 billion.
“The crypto liquidation over the past few days created a price decline in ETH, which Bitmine took advantage of. We acquired 202,037 ETH tokens over the past few days pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH,” said Tom Lee, Chairman of Bitmine. He added:
“We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”
Bitmine’s chairman compared recent U.S. regulatory initiatives, including the GENIUS Act and the SEC’s Project Crypto, to the 1971 end of the gold standard, calling both transformational for financial services. The firm’s October Chairman’s Message, featuring Lee’s Token2049 keynote, outlines a bullish thesis on Ethereum’s “Supercycle,” driven by artificial intelligence (AI) and institutional adoption.
“Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future,’ and this creates advantages for investors, at the expense of traders,” Lee said.
According to Fundstrat data, Bitmine’s stock ranks as the 22nd most-traded U.S. equity, averaging $3.5 billion in daily dollar volume — ahead of Unitedhealth and just behind Coinbase. The company’s high liquidity has continued to attract institutional investors including Ark Invest’s Cathie Wood, Pantera Capital, Galaxy Digital, and DCG.
Bitmine operates mining and advisory operations across Trinidad, Pecos, and Silverton, Texas, focusing on long-term crypto accumulation through both mining and capital-raising activities.
What did Bitmine Immersion announce?
Bitmine disclosed it now holds more than 3.03 million ETH worth $12.9 billion in total crypto and cash assets.
How much of Ethereum’s supply does Bitmine control?
The company’s ETH holdings represent roughly 2.5% of the total supply.
Who leads Bitmine Immersion’s investment strategy?
Chairman Tom Lee oversees the firm’s ethereum-focused accumulation strategy.
Where does Bitmine operate its mining facilities?
Bitmine runs operations in Trinidad and Texas, including Pecos and Silverton.
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