BitMine revealed it has increased its Ethereum (ETH) holdings to 2 million ETH over the past few days, achieving a key milestone for the company’s investment strategy and solidifying its position as the largest ETH Treasury in the world.
1.7% Of Ethereum’s Supply In BitMine’s Treasury
On Monday, BitMine, a Bitcoin and Ethereum Network Company with a focus on accumulating crypto for long-term investment, announced that it has achieved a significant milestone as its crypto and cash holdings have exceeded the $9.21 billion mark following recent purchases.
According to the announcement, the company now holds 2,069,443 ETH at $4,312, 192 Bitcoin (BTC), and unencumbered cash worth $266 million. This achievement is part of the company’s goal to hold 5% of Ethereum’s total supply, now controlling 1.71%, worth $8.5 billion.
BitMine’s chairman, Thomas “Tom” Lee, stated, “BitMine has surpassed the 2 million ETH milestone this past week. As we mentioned in our August Chairman’s message, the convergence of both Wall Street moving onto the blockchain and AI/ agentic-AI creating a token economy is creating a supercycle for Ethereum. And the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH.”
“At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” Lee added. It’s worth noting that the company became the third-largest crypto treasury and the largest Ethereum Treasury in the world after hitting the 1.15 million ETH milestone just last month.
Since then, the company has continued to accumulate nearly another million ETH and has become the second-largest crypto treasury, now only behind Michael Saylor’s Strategy, which holds 636,505 Bitcoin, worth $71 billion at current prices.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” continued Lee in the announcement. “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.”
Strengthening ETH’s Ecosystem
BitMine also revealed it has made a $20 million strategic investment into Eightco Holdings Inc. (NASDAQ: OCTO) as part of OCTO’s $270 million private investment in public equity (PIPE). On September 8, Eightco announced it plans to adopt Worldcoin (WLD), an ERC20 asset, as its primary treasury holding.
Notably, the strategic investment marks the start of the company’s “Moonshot” strategy, which aims to allocate around 1% of BitMine’s balance sheet into projects to strengthen the Ethereum ecosystem and create value for BitMine equity shareholders.
According to the statement, BitMine is now one of the most widely traded stocks in the US, with an average daily volume of $1.7 billion, according to 5-day average data from Fundstrat.
The company’s stock has also been favored by international retail investors over the past few months, with hundreds of millions of dollars being poured into BitMine, which is seen as a proxy for Ethereum.
As reported by Bitcoinist, South Korean investors purchased $259 million worth of Bitmine stock in July, amid a shift from big US Tech companies’ stock to crypto-related equities. This made the company the most purchased foreign security stock, according to Korea Securities Depository data. The trend continued in August as South Korean individual investors sold approximately $657 million of Tesla stock while investing $426 million into BitMine.
