BitMine Immersion Technologies announced its crypto and cash holdings have reached $13.2 billion, driven by a sharp increase in Ethereum accumulation.
The company said it now owns 3.5 million ETH, worth about $12.7 billion, along with 192 BTC, a $61 million stake in Eightco Holdings, and $398 million in cash.
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Tom Lee Confirms Strategic Expansion
At this level, BitMine controls roughly 2.9% of Ethereum’s total supply. This makes Tom Lee’s firm the largest ETH treasury in the world and second-largest overall behind MicroStrategy’s Bitcoin holdings.
Tom Lee described Ethereum as the foundation for the next financial super cycle, citing institutional interest in on-chain asset tokenization.
Last week, BitMine and the Ethereum Foundation co-hosted an event at the New York Stock Exchange, attended by leading financial institutions.
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Lee compared 2025’s regulatory shifts, such as the GENIUS Act and SEC Project Crypto, to the US decision in 1971 to end the gold standard.
He calls it a pivotal modernization moment for financial markets.
Shift from Bitcoin Mining to Ethereum Treasury
BitMine was originally a Bitcoin mining and hosting firm using immersion-cooled facilities in Texas and Trinidad. The company continues to mine Bitcoin and host third-party miners under its “Mining-as-a-Service” program.
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However, it has steadily repositioned itself as a crypto investment and treasury management company. Its business now blends mining infrastructure with strategic accumulation of ETH and BTC for long-term value.
Top 10 Ethereum Treasury Companies. Source: CoinGeckoAnalysts view BitMine’s approach as similar to MicroStrategy’s Bitcoin treasury model, but centered on Ethereum’s broader use in DeFi, stablecoins, and tokenized assets.
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Stock Sees High Volatility but Strong Liquidity
BitMine’s stock has been one of the most actively traded US equities in 2025. It recently traded near $42, down from its October high above $56, but still up more than 300% since July.
According to Fundstrat, BMNR averaged $1.6 billion in daily trading volume last week, ranking 48th among all US-listed stocks. That places it just behind Lam Research and ahead of Arista Networks.
BMNR Stock Price Chart In 2025. Source: Google FinanceThe stock’s rally began after Peter Thiel disclosed a 9.1% stake in July, signaling growing institutional confidence.
Still, its valuation remains tied to Ethereum’s price performance and overall market sentiment.
Source: https://beincrypto.com/tom-lee-bitmine-ethereum-holdings-surge/
