BitMine Immersion Expands Ethereum Treasury to 2.65 Million ETH, Worth Over $11 Billion

BitMine Immersion Technologies (BMNR) has deepened its bet on Ethereum, announcing that its treasury now holds 2.65 million ETH, worth more than $11 billion. The Las Vegas-based company disclosed the figure in its latest update, revealing an increase of roughly 234,846 ETH (equivalent to about $980 million) since its last report on September 22.

Alongside its Ethereum position, BitMine reported 192 Bitcoin (valued at approximately $21.5 million), $157 million in strategic equity stakes, and $436 million in unencumbered cash. Altogether, the company’s crypto and cash holdings now total around $11.6 billion.

🟢 SΞR NEWS: Bitmine Immersion $BMNR has added 234,846 ETH last week bringing their total reserve to 2,650,900 ETH ($11B).

💵 Cash available: $436M pic.twitter.com/3xSoohULhu

— Strategic ETH Reserve (SΞR) (@SERdotxyz) September 29, 2025

Largest Ethereum treasury firm

BitMine’s holdings represent about 2.2% of Ethereum’s circulating supply of 120.7 million ETH, cementing its lead as the largest corporate ETH treasury. Its nearest rival, SharpLink Gaming, holds roughly 838,730 ETH, followed by The Ether Machine with around 495,360 ETH, according to data from StrategicEthReserve.

On a broader scale, BitMine is the second-largest public crypto treasury firm globally, trailing only Michael Saylor’s Strategy Inc., which recently announced holdings of 640,031 BTC worth $71.8 billion, over 3% of Bitcoin’s total capped supply.

Long-term strategy and “supercycle” thesis

BitMine Chairman Tom Lee, who also leads research firm Fundstrat, described Ethereum as central to the firm’s long-term investment thesis. He emphasized that Ethereum, with its record of 100% uptime and role as a neutral public blockchain, aligns with two dominant “supercycle” investment narratives of the decade: artificial intelligence and cryptocurrency.

“Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH,” Lee said. The company has set a long-term target of accumulating 5% of Ethereum’s circulating supply, equivalent to about 6 million ETH.

Market reaction and trading activity

BitMine’s latest purchases had an immediate impact on its stock, with BMNR shares rising more than 6% on Monday to $53.60. Despite the surge, the stock remains down nearly 4% over the past week.

The company has also become one of the most actively traded equities in the U.S., with a five-day average daily trading volume of $2.6 billion as of September 26, ranking it 26th nationwide, just behind Marvell Technology and ahead of Visa.

In a statement, the firm likened recent regulatory changes, including the GENIUS Act and the SEC’s Project Crypto initiative, to the abandonment of the gold standard in 1971, suggesting they could have similarly transformative effects on financial services.