On September 19, 2025, BitMine Immersion Technologies (BMNR) added 15,427 ETH valued at $68.98 million to its treasury, pushing total holdings beyond 2 million ETH for the first time, per Cryptocurrency Press. This acquisition, executed through Galaxy Digital, brings BitMine’s ETH stash to approximately 2.17 million ETH worth $9.71 billion, solidifying its status as the world’s largest institutional Ethereum holder, per . Chairman Thomas “Tom” Lee of Fundstrat highlighted the move as part of a strategy to capture 5% of ETH’s supply, citing the “supercycle” driven by Wall Street’s blockchain adoption and AI token economy, per . X posts from @lookonchain confirm the purchase, noting BitMine’s aggressive accumulation amid ETH’s price stability around $4,470, per
BitMine, a Bitcoin and Ethereum Network Company focused on long-term crypto accumulation, pivoted to an ETH treasury strategy in June 2025, raising $250 million via a PIPE to fund purchases, per . Holdings have grown exponentially: from $500 million (163,142 ETH) in July, per , to $2 billion (566,776 ETH) by late July, per , and $8.82 billion (1.71 million ETH) by August 24, per . The latest addition aligns with BitMine’s goal of leveraging ETH staking yields (around 3% annually) while maintaining high stock liquidity, trading $1.7 billion daily volume as the #30 most liquid U.S. stock, per . Backed by ARK Invest and Cathie Wood, this positions BitMine as a leader among crypto treasury peers, per the article.
BitMine’s 2.17 million ETH represents nearly 1.6% of Ethereum’s circulating supply, potentially tightening liquidity and supporting price floors amid $167 billion DeFi TVL, per DefiLlama. The firm’s $10.771 billion total crypto + cash holdings (including 192 BTC and $569 million cash) rank it as the #2 global crypto treasury behind MicroStrategy’s $74 billion BTC, per . This mirrors MicroStrategy’s BTC model but emphasizes ETH’s “power law benefits” for large holders, per . X sentiment from @OnchainDataNerd praises the strategy for creating structural scarcity, per [post:10]. However, BMNR stock is down 35% since mid-August due to ETH’s pullback from records, per , highlighting volatility risks.
BitMine aims for 5% of ETH supply (“alchemy of 5%”), potentially adding $10 billion+ in value if ETH reaches $6,000 by 2026, per Techopedia. The GENIUS Act and SEC’s Project Crypto could accelerate institutional adoption, per . Investors should track ETH inflows via CryptoQuant and BMNR filings on sec.gov. Dollar-cost average into ETH with stop-losses below $4,000, or diversify into USDC, per TradingView. Follow @TheBlock__ on X for treasury updates. BitMine’s ETH dominance could drive ETH to $7,500 by year-end, per Standard Chartered, but regulatory scrutiny on corporate holdings remains a factor.
