Bitmine Immersion Technologies (NYSE American: BMNR) disclosed on Nov. 10, 2025 that its total cryptocurrency and cash reserves have reached $13.2 billion, driven by a significant ramp-up in its ethereum holdings. The company now holds 3,505,723 ETH (valued at $3,639 per token), 192 bitcoin, and $398 million in unencumbered cash — alongside a $61 million “moonshot” investment in Eightco Holdings (Nasdaq: ORBS), according to a press release shared via PR Newswire.
Aggressive ETH Accumulation Targets 5% of Supply
Fundstrat Chairman Tom Lee said Bitmine boosted its ethereum stash 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 stated. He added that the firm took advantage of a dip in ETH prices to expand its position while raising its cash reserves. The company’s ETH position makes it the world’s largest ETH treasury and the second-largest overall crypto treasury, trailing only Strategy Inc. (MSTR), which holds roughly 641,205 bitcoin worth about $67 billion.
Institutional Demand and Towering Trading Volume
Despite October’s crypto deleveraging event, institutional demand remains strong. 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. 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 — just behind Lam Research and ahead of Arista Networks among more than 5,700 publicly listed stocks.
DeFi Infrastructure and the “Super Cycle” Vision
Lee said 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, citing parallels between blockchain innovation and the post–Bretton Woods modernization of Wall Street in the 1970s. Backed by investors including ARK’s Cathie Wood, Founders Fund, Pantera, and Galaxy Digital, Bitmine’s aggressive expansion is reshaping digital asset treasury management and decentralized finance infrastructure.