Bitmine Immersion Technologies (NYSE American: BMNR) announced on November 10 that its total crypto and cash reserves have surged to $13.2 billion after boosting its Ethereum stash to 3,505,723 tokens. The company, led by Fundstrat's Tom Lee as chairman, continues its aggressive digital asset accumulation strategy.
Bitmine Expands Ethereum Treasury, Adds $398M in Cash
According to a press release via PR Newswire, Bitmine now holds 3,505,723 Ethereum (ETH) valued at $3,639 per token ($12.76 billion), along with 192 Bitcoin and $398 million in unencumbered cash. The firm also disclosed a $61 million “moonshot” investment in Eightco Holdings (Nasdaq: ORBS).
Chairman Tom Lee stated that Bitmine increased its Ethereum holdings by 110,288 tokens this week — a 34% increase over the prior week — bringing its share of the total ETH supply to 2.9%. “We’re now more than halfway toward the ‘alchemy of 5%’ goal,” Lee said. He added that the firm capitalized on a dip in ETH prices to expand its position while raising cash reserves.
World's Second-Largest Crypto Treasury After Strategy Inc.
Bitmine's Ethereum position makes it the world's largest pure ETH treasury and the second-largest overall crypto treasury, trailing only Strategy Inc. (MSTR), which holds roughly 641,205 Bitcoin worth about $67 billion. The company's growing balance sheet underscores its aggressive approach to digital asset accumulation, positioning itself as a major player in decentralized finance (DeFi) infrastructure and treasury management.
Lee revealed that Bitmine and the Ethereum Foundation recently co-hosted a summit at the New York Stock Exchange, drawing interest from major financial institutions exploring asset tokenization. He described Ethereum as a “super cycle story” over the next decade, drawing parallels between blockchain innovation and the post–Bretton Woods modernization of Wall Street in the 1970s.
Institutional Demand Remains Strong; Bitmine Among Most Traded U.S. Stocks
Fundstrat data shows Bitmine is now one of the most traded U.S. equities, ranking 48th with an average daily dollar volume of $1.6 billion. That places it just behind Lam Research and ahead of Arista Networks among more than 5,700 publicly listed stocks.
Lee noted that despite October’s crypto deleveraging event, institutional demand remains robust. Bitmine and Strategy collectively account for 88% of all global digital asset treasury (DAT) trading volume, with Bitmine leading peers in net asset value (NAV) growth and stock liquidity.
Bitmine is backed by prominent investors including ARK’s Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital.