The digital asset treasury wars are heating up.
BitMine Immersion Technologies, Inc. (NYSE: BMNR) now holds 2,069,443 Ether (ETH), accounting for more than 1.7% of the entire Ethereum supply. This solidifies the company as the world’s largest ETH treasury and the second-largest crypto treasury overall, trailing only Strategy Inc. (Nasdaq: MSTR), which holds a massive amount of Bitcoin.
BitMine ETH holding continues to grow
On September 8, BitMine announced in a press release that it had surpassed the 2 million ETH milestone and is now advancing towards what Chairman Tom Lee calls the “alchemy of 5%” of ETH’s supply.
The firm reiterated its belief that Wall Street’s migration to the blockchain and the rise of agentic AI are fueling a “supercycle for Ethereum.”
BitMine’s record purchase coincides with rising trading interest in the company’s stock.
BMNR’s five-day average dollar volume recently reached approximately $1.7 billion, placing the stock among the top tier of U.S. equities by trading volume.
In a strategic expansion, BitMine also launched its first “Moonshot” deployment, a $20 million strategic investment in Eightco Holdings Inc. (Nasdaq: OCTO) as part of $270 million PIPE financing.
Eightco is adopting a digital assets treasury strategy centered on Worldcoin (WLD), an ERC-20 token tied to the World Chain network.
BitMine framed the investment as a small, targeted bet—approximately 1% of its balance sheet—aimed at strengthening the broader Ethereum ecosystem while creating upside for equity holders. Following the announcement, OCTO shares spiked intraday.
Bitmine was originally a Bitcoin mining company before the pivot to become the biggest Ethereum treasury in the world.
A narrow field of major corporate crypto holders
The competitive landscape is clearly defined.
In Bitcoin, Strategy remains the dominant leader with over $72 billion in BTC holdings.
Meanwhile, in Ethereum, BitMine’s 2.07 million ETH puts it as the leading ETH corporate holder, well more than double the runner-up by value.
Here’s a look at how the other major players in the segment stack up:
| Company: | Coin: | Holdings: | Total valuation (USD): |
| Strategy (MSTR) | BTC | 638,460 | $72,121,718,520 |
| BitMine | ETH | 2,069,443 | $9,020,226,065 |
| MARA Holdings, Inc. | BTC | 52,477 | $5,927,906,874 |
| XXI | BTC | 43,514 | $4,915,428,468 |
| SharpLink | ETH | 837,230 | $3,648,112,512 |
| Bitcoin Standard Treasury Company | BTC | 30,021 | $3,391,232,202 |
| Bullish | BTC | 24,000 | $2,711,088,000 |
| Metaplanet Inc. | BTC | 20,136 | $2,274,602,832 |
| Riot Platforms, Inc. | BTC | 19,239 | $2,173,275,918 |
| Trump Media & Technology Group Corp. | BTC | 15,000 | $1,694,430,000 |
Source: CoinGecko & BitcoinTreasuries |BTC = $112,947 and ETH = $4,358.77
While BitMine maintains a minor BTC position, ETH remains its core asset. The company has effectively claimed the title of “MicroStrategy of ETH”, once associated with SharpLink Gaming.
Management frames today’s policy backdrop as a step-change for market structure. Additionally, Lee cites the GENIUS Act and the SEC’s Project Crypto as 2025 catalysts on par, at least in directional impact, with the end of Bretton Woods in 1971. Lee argued modern rails will favour blockchain-native assets over time.
