Key highlights:
BitMine holds more than 2% of the Ethereum’s circulating supply 2.65 million ETH.
The firm has the world’s largest Ethereum treasury.
As of September 28, the balance included 2,650,900 ETH valued at $4,141 each, 192 Bitcoin.
BitMine Immersion Technologies announced today that its total assets have reached $11.6 billion, driven largely by its growing Ethereum position. The company now holds 2.65 million ETH, making it the world’s largest Ethereum treasury and giving it ownership of more than 2% of the token’s circulating supply.
BitMine Holds 2% of Ethereum Supply
As per a public statement, the company’s portfolio is a mix of crypto, cash, and what it calls “moonshots.” As of September 28, the balance included 2,650,900 ETH valued at $4,141 each, 192 Bitcoin, a $157 million stake in Eightco Holdings, and $436 million in unencumbered cash. This positions BitMine as the No. 2 global crypto treasury overall, second only to Strategy Inc., which holds nearly 640,000 BTC.
Trading activity has also put BitMine in rare company. Its stock i.e., BMNR, is now the 26th most traded equity in the United States, moving an average of $2.6 billion daily over the past five sessions. That places it between Marvell Technology and Visa in terms of liquidity, according to Fundstrat and Statista research.
Institutional support remains a defining feature of BitMine’s growth. The company counts ARK Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital, and Thomas “Tom” Lee among its high-profile backers. Lee, who also serves as BitMine’s chairman, framed the company’s strategy as part of a broader macro shift.
“As we enter the final months of 2025, the two Supercycle investing narratives remain: AI and crypto,” Lee said. “Both require neutral public blockchains. Ethereum remains the premier choice given its high reliability and 100% uptime. Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH.”
Lee also pointed to regulatory developments, comparing the GENIUS Act and SEC’s Project Crypto to the 1971 U.S. decision that ended the Bretton Woods system. “We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,” he added, noting that Wall Street and AI adoption could accelerate Ethereum’s role in financial markets.
BitMine says it is leading peers in both the speed of growing its crypto net asset value per share and the liquidity of its stock. The company has set its sights on what it calls the “alchemy of 5%” acquiring 5% of all circulating ETH.
While Bitcoin has long been the first stop for institutional investors, Ethereum and alternative blockchains are increasingly emerging as parallel plays. BitMine’s strategy underscores Ethereum’s growing role as a long-term store of value for treasuries, but other institutions are finding opportunities elsewhere.
DeFi Development Corp. (Nasdaq: DFDV) is one such example. The company has shifted its treasury strategy toward Solana, aggressively building a position that now stands at more than 2.09 million SOL. Worth nearly $499 million at current prices, the treasury has been built through consistent purchases and the acquisition of a validator business, giving DeFi Dev both financial exposure and a hand in network security.
Unlike passive holding strategies, DeFi Dev stakes its tokens to earn native yield while reinforcing Solana’s infrastructure. This dual approach highlights how institutions are not only buying into blockchain ecosystems but actively participating in their development. To fund its expansion, the company raised $125 million through an equity offering in August and has hinted that more capital deployments are likely.
With BitMine leading Ethereum treasuries and DeFi Dev leading Solana, a similar trend is taking shape: institutional balance sheets are diversifying beyond Bitcoin. Together, these moves suggest the rise of multi-chain strategies, where Ethereum’s reliability and Solana’s high-performance network offer complementary avenues for long-term institutional investment.
Also Read: Ethereum Soon to $4400, Only If This Support Holds
