Tom Lee’s BitMine discloses 2.4 million Ethereum and over $11 billion in total assets

BitMine Immersion, led by Fundstrat co-founder Thomas “Tom” Lee, reported Monday that its crypto and cash holdings now exceed $11 billion, with assets including about 2.4 million Ethereum and 192 Bitcoin. The firm added 264,378 ETH to its holdings last week.

The company’s Ethereum stash, representing over 2% of the network’s total supply, is valued at over $10 billion at current market prices, according to CoinGecko data.

“BitMine’s ETH holdings now exceed 2% of supply as we move towards our ‘Alchemy of 5%’ of ETH supply,” Lee said in a statement.

BitMine’s portfolio also includes a $175 million position in Eightco Holdings, an e-commerce and fintech company that has shifted its strategy to focus on building a treasury of Worldcoin tokens, the digital currency associated with OpenAI CEO Sam Altman.

BitMine has established itself as the world’s largest Ethereum treasury and the second-largest global crypto treasury, behind Strategy, which holds 639,835 Bitcoin valued at $72 billion.

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee added. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

The company has become one of the most heavily traded U.S. stocks, averaging $3.5 billion in daily volume over the five days ending September 21, ranking 24th among 5,704 U.S.-listed companies, according to Fundstrat research.

BitMine’s institutional investors include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee, supporting the company’s goal of acquiring 5% of ETH.