Bitmine Immersion Technologies (NYSE American: BMNR) announced on Nov. 10 that its total crypto and cash reserves have reached $13.2 billion, driven by a massive increase in its ethereum holdings. The company now holds 3,505,723 ether (ETH), valued at roughly $3,639 per token, alongside 192 bitcoin and $398 million in unencumbered cash. This makes Bitmine the world’s largest corporate ETH treasury and the second-largest overall crypto treasury, trailing only Strategy Inc. (MSTR), which holds approximately 641,205 bitcoin worth about $67 billion.
Aggressive Ethereum Accumulation
According to a press release distributed via PR Newswire, 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%. Chairman Tom Lee, also co-founder of Fundstrat, stated: “We’re now more than halfway toward the ‘alchemy of 5%’ goal.” He explained that the firm took advantage of a dip in ETH prices to expand its position while simultaneously raising its cash reserves.
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.
Market Impact and Investor Backing
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. In the digital asset treasury (DAT) trading space, Bitmine and Strategy collectively account for 88% of global volume, with Bitmine leading peers in net asset value (NAV) growth and stock liquidity.
Notable backers include ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital. Lee noted that despite October’s crypto deleveraging event, institutional demand remains robust. The company also disclosed a $61 million “moonshot” investment in Eightco Holdings (Nasdaq: ORBS).
With its ethereum position now exceeding the crypto holdings of most sovereign nations, Bitmine’s aggressive accumulation strategy is reshaping the landscape of corporate digital asset allocation.