BitMine Discloses Major ETH Accumulation, Now Holds Nearly 3.6 Million Tokens
BitMine Immersion Technologies has announced a substantial ETH-treasury position, reporting ownership of 3,559,879 ETH as of its latest disclosure, valued at approximately $3,120 per token at the time of reporting. According to the company, this holding represents roughly 2.9 percent of the entire circulating ETH supply, making it the largest publicly known ETH treasury position held by a listed company. BitMine also reported holding 192 BTC and more than $600 million in unencumbered cash, bringing its total crypto and cash reserves to approximately $11.8 billion. Chairman Thomas Lee emphasised that the company’s accumulation reflects a multi-year strategic view on ETH rather than a short-term market trade.
Lee stated that ETH’s ongoing network upgrades, tokenisation trends and decentralised finance adoption form the foundation of BitMine’s long-term thesis. Although crypto markets continue to experience periods of volatility, he noted that the firm views these drawdowns as opportunities to expand its holdings. BitMine’s acquisition of more than 54,000 ETH in a single week further reinforces its conviction and positions the company as one of the most significant institutional participants backing the ETH ecosystem.
Strategic rationale and concentration risks
BitMine’s aggressive accumulation of ETH highlights its intention to treat ETH as a core reserve asset, similar to how certain corporates have approached BTC. By holding nahead 3.6 million ETH, the company has taken strong directional exposure on the network’s evolution and economic activity. Lee pointed to tokenisation, institutional settlement infrastructure and the forthcoming “Fusaka” upgrade as structural trends expected to enhance ETH’s value proposition. As decentralised applications grow and smart-contract adoption deepens, BitMine believes ETH will play an increasingly central role in the future of financial markets.
However, the scale of BitMine’s holding also amplifies concentration risk. A downturn in ETH’s price impacts the company’s net asset value significantly due to the large proportion of treasury assets tied to the token. Investors may scrutinise the transparency of BitMine’s wallet management, security practices and the methods used to accumulate such a vast treasury. Questions around liquidity management, price impact and risk controls will remain central as the company continues to build its position.
Market and investor impact
BitMine’s disclosure provides insight into growing institutional participation in ETH and its evolving market structure. Large-scale corporate accumulation can influence circulating supply dynamics and market depth, especially during periods of reduced liquidity. While this demonstrates institutional confidence, it may also contribute to heightened price sensitivity if market conditions deteriorate.
For BitMine shareholders, the company’s performance is becoming increasingly correlated with ETH’s price trajectory rather than traditional business fundamentals. This shift introduces both upside potential and volatility, depending on broader market conditions. Institutional investors evaluating BitMine will closely examine how the company manages governance, treasury risk and operational transparency.
Overall, BitMine’s reported ETH holdings represent a significant development in the landscape of corporate digital-asset treasuries. By committing to a long-term ETH strategy, the company has positioned itself as a notable institutional actor within the ecosystem. The coming years will test how effectively BitMine balances its conviction with the risks associated with such a concentrated crypto reserve.
