BitMine Immersion (NYSE American: BMNR), the Ethereum-focused treasury firm chaired by Wall Street strategist Tom Lee, has announced that its combined crypto and cash holdings have surpassed $9.2 billion. The bulk of that comes from its swelling Ethereum reserves, which now stand at just over 2.069 million ETH—making BitMine the largest corporate crypto treasury in the world and the second-largest overall, behind Michael Saylor’s MicroStrategy.
Building the World’s Biggest Ether Treasury
BitMine has been on a steady buying streak, adding roughly 319,000 ETH in recent weeks, equal to about $1.4 billion at current market prices. The firm disclosed that it spent $65 million on 14,665 ETH in August alone, bringing its total Ethereum stack to more than $8.9 billion in value.
The move coincides with a broader surge in institutional interest in Ethereum. Public company ETH treasuries have grown to 2.78 million ETH, worth nearly $12 billion and representing about 2.3% of the network’s circulating supply.
Strategic Investments and “Moonshot” Program
BitMine also unveiled a $20 million investment in Eightco Holdings (OCTO) as part of a $270 million private placement, backing Eightco’s plan to adopt Worldcoin (WLD) as its primary treasury asset. The investment marks the first step in BitMine’s new “Moonshot” program, which allocates about 1% of its balance sheet toward projects designed to strengthen Ethereum’s ecosystem while creating long-term equity value.
Regulatory Pressure Mounts
The company’s aggressive treasury strategy comes as regulators step up oversight of crypto-heavy firms. Nasdaq recently signaled tighter scrutiny of companies raising funds primarily to purchase digital assets, suggesting that corporate treasuries like BitMine could face stricter listing and disclosure standards.
Despite this, BitMine continues to frame Ethereum as a cornerstone of its long-term strategy.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,” said Chairman Tom Lee. “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 “Alchemy of 5%”
Looking ahead, BitMine has set an ambitious goal: controlling at least 5% of Ethereum’s total supply, or roughly 6.3 million ETH. The plan, which the firm has branded as the “alchemy of 5%”, underscores its conviction that ETH will serve as a long-term reserve asset tied to the future of decentralized finance and institutional adoption.
Market Reaction
Following the disclosure, BMNR shares rose 3% on Monday, while ETH prices remained flat at around $4,340.
