Ethereum Supercycle? BitMine Doubles Down With 2.65M ETH Stash

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BitMine Immersion Technologies (BMNR) has strengthened its position as the worldâ€™s largest Ethereum (ETH) treasury company, revealing that its holdings surged to 2.65 million ETH in its latest update.

Bitmine(@BitMNR) bought 234,846 $ETH($963M) and currently holds 2,650,900 $ETH($10.87B).https://t.co/hVuqKNvfxD pic.twitter.com/Jj5b0tXaws
— Lookonchain (@lookonchain) September 29, 2025

At current prices of around $4,109 per token, that stake is worth nearly $10.9 billion, giving the firm ownership of more than 2% of the total Ethereum supply.

A Strategic Jump in Ethereum Holdings

The latest disclosure marks a significant increase of approximately 200,000 ETH, or $820 million, compared to BitMineâ€™s previous update.

The company emphasized that this growth reflects its ongoing ambition to control 5% of the total ETH supply, a goal it describes as the â€œalchemy of 5%.â€

According to BitMine, this threshold would allow it to fully capture Ethereumâ€™s long-term network effects and value appreciation as the blockchain ecosystem continues to expand.

Diversified Holdings and Treasury Value

In addition to its ETH holdings, BitMine reported it holds:

192 BTC
$157 million in high-risk â€œmoonshotâ€ equities
$436 million in unencumbered cash

Altogether, these assets push the companyâ€™s total treasury value to $11.6 billion.

Fundstratâ€™s Tom Lee: ETH and AI Lead the Decadeâ€™s â€œSupercyclesâ€

BitMine Chairman and Fundstratâ€™s Head of Research, Tom Lee, framed Ethereum as one of two major â€œsupercycleâ€ investment narratives of the decade, alongside artificial intelligence (AI).

Tom Lee just now on CNBC Closing Bell:

Weâ€™re in an AI supercycle and sees Nvidia as a bargain at 26x forward earnings â€¦ cheaper than Costco or Walmart today and far below Ciscoâ€™s 60x back in 1998. In his view, valuations now look far more reasonable than in 1999 pic.twitter.com/iGXWbmjquH
— Tom Lee Tracker (Not actually Tom) (@TomLeeTracker) September 25, 2025

â€œThese two powerful macro cycles will play out over decades. Since ETHâ€™s price is a discount to the future, this bodes well for the token and is the reason BitMineâ€™s primary treasury asset is ETH,â€ Lee said.

Industry Leadership in ETH Treasuries

BitMine is far ahead of its closest competitor, SharpLink Gaming, which holds 838,730 ETH, according to data from StrategicEthReserve. Combined, the two companies account for 5.26 million ETH, representing 4.34% of Ethereumâ€™s circulating supply.

With its aggressive accumulation strategy, BitMine continues to solidify its reputation as the dominant ETH treasury firm, cementing Ethereumâ€™s role at the core of corporate digital asset strategies.

BitMine shares rose 3% in premarket trading on Monday, tracking a weekend rebound in ETH prices to $4,110.

BitMine share price (Source: Google Finance)

The companyâ€™s strong position in Ethereum appears to have reinforced investor confidence as institutional adoption of crypto assets accelerates.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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