BitMine Reveals $1.29B in Assets With 3M ETH, Adding 202K ETH as Market Dips

BitMine Immersion Technologies (NYSE American: BMNR) has disclosed total crypto and cash holdings valued at $1.29 billion, confirming its position as the world’s largest Ethereum (ETH) treasury. 

The Las Vegas-based firm now controls 3.03 million ETH, roughly 2.5% of Ethereum’s total circulating supply, following the addition of 202,037 tokens accumulated during recent market liquidations. 

The company seized the opportunity of the market’s downturn to expand its holdings. At the time of writing, ETH is trading slightly above $4,100.

The firm’s press release detailed a diverse balance sheet comprising 3.03 million ETH, 192 Bitcoin, $104 million in unencumbered cash, and a $135 million equity stake in Eightco Holdings (NASDAQ: ORBS), classified among its speculative “moonshots.” 

At current valuations, these assets total $12.9 billion, making BitMine the number one Ethereum treasury globally and the second-largest overall crypto treasury, after MicroStrategy, which holds more than 640,000 BTC valued at $73 billion.

BitMine’s October Chairman’s Message, released alongside its report, reiterated its goal of reaching the “Alchemy of 5%.” A target that would see the company control 5% of all Ethereum in circulation. 

According to Chairman and Fundstrat Managing Partner Thomas “Tom” Lee, the company’s aggressive accumulation strategy stems from its conviction in what he describes as an ongoing “Ethereum Supercycle,” driven by AI integration and growing institutional adoption of blockchain infrastructure.

“Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals,”

Lee stated

“We acquired 202,037 ETH tokens over the past few days, pushing our holdings to more than 3 million. We are now halfway toward our pursuit of the 5% mark.”

BitMine’s Expanding Market Presence – ETH Leader

BitMine’s growing crypto treasury has drawn increasing attention from institutional investors. 

Backed by major names including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, and Galaxy Digital, the company has rapidly become one of the most traded equities in the United States. 

According to Fundstrat data, BMNR averaged $3.5 billion in daily trading volume over the past week, ranking it as the 22nd most traded U.S. stock, ahead of UnitedHealth and just behind Coinbase.

The company’s high liquidity and strong investor base have helped it outpace its crypto treasury peers in net asset value per share growth. 

Lee noted that BitMine and MicroStrategy, together, account for 88% of the total global digital asset treasury trading volume. 

The firm’s latest report also referenced the GENIUS Act and the SEC’s Project Crypto as transformative events for financial services in 2025, drawing parallels to the 1971 end of the Bretton Woods system.

Lee described this move as a turning point that reshaped Wall Street’s modern infrastructure.

BitMine’s October message, which includes Lee’s keynote address from Token2049 in Singapore, outlined how AI and decentralized finance are merging to power what he termed the “Ethereum Supercycle.” 

The company maintains that this convergence will drive unprecedented demand for ETH as a programmable layer for financial applications.

Ethereum Price Structure and Technical Outlook

Ethereum’s technical chart currently supports the narrative of institutional accumulation reflected in BitMine’s recent purchases. 

The asset has broken out of a long-term symmetrical triangle pattern dating back to 2021, indicating a potential transition from consolidation to expansion.

After testing resistance near its previous all-time high of $4,855, ETH is now consolidating above the former breakout zone, forming a bullish pennant that suggests another impulsive move may be imminent.

Technical indicators point to a likely continuation of the upward trend if the price maintains stability above the $3,800–$4,000 support region. 

A breakout from the pennant formation could propel ETH toward the Fibonacci 1.618 extension at roughly $7,300, marking a new phase of price discovery. 

Conversely, failure to hold this level could lead to a retest near $3,000.

Analyst Mark Newton of Fundstrat earlier projected that ETH could rally to $5,500 after a brief correction, identifying the $4,200 zone as a key support level.

With BitMine’s $1.29 billion accumulation coinciding with this consolidation phase, market observers view the company’s move as a potential catalyst for renewed upward momentum. 

If institutional accumulation continues, Ethereum is likely to advance toward the $7,000 range in the months ahead.