BitMine Immersion has strengthened its position as the world’s largest Ethereum treasury holder, revealing that its Ether holdings have surpassed 3.3 million ETH — valued at roughly $13.7 billion — following its latest weekly purchase.
The crypto treasury firm said it acquired 77,055 ETH since its previous update on October 20, bringing the total value of its combined crypto and cash assets to $14.2 billion. While BitMine didn’t share the average purchase price, the acquisition is worth around $319 million at current market rates.
BitMine Immersion Technologies, Inc.
As of October 26, the company’s portfolio also includes 192 BTC (around $22.2 million), an $88 million stake in WLD treasury firm Eightco, and $305 million in unencumbered cash. With Ethereum’s circulating supply currently estimated at 120.7 million ETH, BitMine’s holdings represent nearly 2.8% of all Ether in existence.
The Leading Ethereum Treasury
BitMine’s dominance in the Ethereum market outpaces other major holders such as Joe Lubin’s SharpLink (approximately 859,400 ETH) and The Ether Machine (496,710 ETH), according to data from SER.
Globally, BitMine now ranks as the second-largest public crypto treasury company, just behind Michael Saylor’s Strategy, which holds 640,808 BTC worth about $74 billion — more than 3% of Bitcoin’s total supply.
Backed by institutional investors including Ark Invest’s Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera, BitMine is pursuing an ambitious goal: to own 5% of Ethereum’s circulating supply, which would equate to around 6.04 million ETH at current levels.
Market Tailwinds from U.S.–China Trade Talks
BitMine’s latest acquisition coincides with a 3.1% rebound in Ethereum’s price over the past week, buoyed by renewed optimism over U.S.–China trade discussions and a wave of short liquidations.
“The progress in trade talks between the U.S. and China is a positive for Ethereum and crypto broadly,” said Tom Lee, Managing Partner at Fundstrat and BitMine’s Chairman. “These are global assets, and rising tensions previously triggered one of the largest crypto deleveraging events we’ve seen.”
Lee added that while Ethereum’s fundamentals remain largely uncorrelated to equities, historical data show that crypto assets often perform better when stock markets rise.
“Given the expected supercycle for Ethereum, this price dislocation represents an attractive risk/reward opportunity,” he said.
BitMine’s Rising Market Presence
BitMine’s stock has also become one of the most actively traded equities in the U.S., recording a five-day average daily volume of $1.5 billion as of October 24 — ranking 46th nationwide, just behind Goldman Sachs, according to Fundstrat and Statista.
“The combined trading volume of BitMine and MSTR now represents 88% of all global digital asset treasury trading,” Lee noted. “We continue to lead our peers in both net asset value growth per share and stock liquidity.”
