Former crypto mining company BitMine Immersion now holds more Ethereum than any other publicly-traded company.
BitMine Immersion Technologies, Inc. (NYSE American: BMNR), one of the largest institutional crypto holders, has announced that its total crypto and cash holdings now amount to $13.4 billion, a growth largely due to the company’s aggressive accumulation of Ethereum (ETH).
The company now holds 3.24 million ETH, representing about 2.7% of the total supply, making the firm the largest corporate Ethereum treasury worldwide.
BitMine’s portfolio includes 3,236,014 ETH valued at $4,022 each, 192 Bitcoin (BTC), a $119 million stake in Eightco Holdings (Nasdaq: ORBS), and $219 million in unencumbered cash.
The company’s Chairman, Thomas “Tom” Lee of Fundstrat, described the recent accumulation of 203,826 ETH (roughly $800 million at today’s prices) as a strategic response to a “major market deleveraging” that temporarily pressured ETH prices.
He also reaffirmed the company’s long-term target of holding roughly 5% of Ethereum’s supply, a goal that underscores a profound conviction in Ethereum’s long-term value proposition.
Institutional focus on Ethereum
BitMine’s growing Ethereum exposure indicates a growing trend of fund reallocation among institutional players to ETH-based assets.
Rather than viewing Ethereum solely as a volatile trading instrument, institutions now increasingly regard it as both infrastructure and a strategic reserve comparable to capital held in traditional assets.
Companies with Significant Ethereum Treasury Holdings
| Rank | Company (Ticker) | Approx. ETH Holdings | Allocation Strategy |
| 1 | BitMine Immersion (NYSE BMNR) | 3.24 million ETH | Aggressive accumulation targeting ~5% supply |
| 2 | SharpLink Gaming, Inc. (Nasdaq: SBET) | 838,728 ETH | Former gaming-focused company pivots toward ETH treasury |
| 3 | Bit Digital, Inc. (Nasdaq: BTBT) | 150,244 ETH | Strategic infrastructure shift toward ETH staking and treasury holdings |
| 4 | ETHZilla, Inc. (Nasdaq: ETHZ) | 102,246 ETH | Corporate rebranding to function as a dedicated ETH accumulation vehicle |
| 5 | Coinbase Global, Inc. (Nasdaq: COIN) | 136,782 ETH | Exchange holding ETH for both operations & investment |
Expanding real-world utility reinforces institutional confidence
This trend is further validated by the diverse and growing real-world utility of the Ethereum network, which extends far beyond simple treasury holdings. Institutions are actively deploying Ethereum for:
- Asset tokenization: Major asset managers are issuing tokenized funds and securities on Ethereum layer-2 networks. For instance, FG Nexus (Nasdaq: FGNX) has partnered with Securitize for this purpose.
- Cross-border settlement: JPMorgan Chase & Co. (NYSE: JPM) has publicly used Ethereum-style smart-contract networks to automate real-time settlement and improve cross-border payments processes.
- Stablecoin infrastructure: Circle Internet Group (NYSE: CRCL) issues the USD-pegged stablecoin USDC, deployed across Ethereum rails, facilitating payments, commerce, and settlement functions for institutional clients.
- Digital securities issuance: banks and capital market firms use Ethereum rails to issue tokenized bonds, deposits, and fund products.
Together, these developments are reinforcing market confidence in Ethereum’s institutional role by demonstrating a clear path to revenue and utility beyond price speculation.
BitMine’s expanding Ethereum treasury appears to resonate with markets. The company now records approximately $2.1 billion in daily trading volume across a five-day average, positioning it as the 33rd most actively traded U.S.-listed equity.
