BitMine Immersion Technologies (NYSE American: BMNR) announced that its total crypto and cash reserves have reached $13.4 billion, positioning the firm as the largest Ethereum (ETH) treasury in the world and the second-largest crypto treasury overall, trailing only Strategy Inc.
The company now holds 3.24 million ETH, representing 2.7% of the total supply, along with 192 BTC, $219 million in unencumbered cash, and a $119 million stake in Eightco Holdings (NASDAQ: ORBS). BitMine’s recent accumulation of 203,826 ETH during last week’s market dip underscores its strategy of expanding exposure amid volatility.
Chairman Thomas “Tom” Lee of Fundstrat described the move as part of BitMine’s “alchemy of 5%” goal, referencing its ambition to own 5% of Ethereum’s circulating supply. Lee called the current ETH price dislocation “an attractive risk/reward setup” within the expected Ethereum supercycle.
BitMine has also become one of the most actively traded U.S. equities, averaging $2.1 billion in daily trading volume, ranking #33 nationwide, just behind Costco and ahead of Eli Lilly. Supported by prominent investors including Cathie Wood’s ARK Invest, Pantera, Galaxy Digital, and Founders Fund, the firm continues to attract institutional capital.
Lee compared 2025’s crypto regulatory evolution, via the GENIUS Act and SEC’s Project Crypto, to the 1971 end of Bretton Woods, suggesting this shift could define the next generation of financial and payment infrastructure.