 
 
Tom Lee-chaired BitMine Immersion Technologies has surpassed 2.65 million ETH holdings, boosting its ETH treasury to a value of nearly $11 billion, the company announced on Monday.
BitMine Boosts ETH Holdings To $10.8 Billion, With $436M Of Buying Power Remaining
BitMine purchased roughly 234,846 ETH, worth $961.5 million, since its last update on Sept. 22, announcing in a Monday press release that its total crypto and cash holdings had risen to $11.6 billion.
The Peter Thiel-backed company, which pivoted in May from Bitcoin mining to raising money to acquire ETH, now holds approximately $10.8 billion in the second-largest digital coin by market cap — or 2.2% of the token’s entire supply.
BitMine holds the largest Ethereum treasury of any publicly traded firm, and the second-largest overall crypto treasury behind Bitcoin behemoth Strategy’s $72 billion BTC stockpile.
SharpLink Gaming, an ETH treasury led by Ethereum co-founder Joe Lubin, takes the silver medal, with 838.74 ETH on its balance sheet.
 
BitMine aims to acquire 5% of the total Ethereum supply in the long term, currently equivalent to around 6.04 million ETH. In BitMine’s words, the “alchemy of 5%” would position it to benefit from Ethereum’s long-term network effects.
In the Monday announcement, BitMine said that it also held 192 BTC worth $21.5 million, unencumbered cash of $436 million, and a $157 million stake in crypto treasury Eightco.
Lee, Fundstrat’s head of research and BitMine’s chairman, is the brains behind the firm’s ETH stacking strategy. Lee described crypto as one of two “supercycle” investment narratives of this decade, alongside artificial intelligence.
“These two powerful macro cycles will play out over decades. 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,” he postulated.
Ethereum is the cryptocurrency network behind ETH, the industry’s second-largest cryptocurrency by market capitalization after Bitcoin. Developers utilize the network to create decentralized applications and launch tokens.
The price of ETH is up 4.2% to $4,184.50 in the last 24 hours, but remains circa 15.3% off the all-time high it set in late August, according to data from CoinGecko.