BitMine takes 2% slice of Ethereum supply as holdings hit $10.8b mark

BitMine now controls a stake larger than most crypto-native institutions, amassing over 2% of Ethereum’s supply in under three months. The aggressive accumulation signals a bullish conviction and the rise of public companies as power players in digital-asset ownership.

According to a press release dated September 22, BitMine Immersion Technologies now holds more than 2.4 million Ether (ETH) tokens, a stake equal to just over 2% of Ethereum’s circulating supply.

The firm said its total crypto and cash reserves stand at $11.4 billion, including Bitcoin, a $175 million position in Eightco Holdings, and $345 million in unencumbered cash. The disclosure makes BitMine the single largest corporate holder of Ethereum, eclipsing competitors and reinforcing its stated goal of cornering 5% of ETH supply.

BitMine’s Ethereum bet and the road to 5%

BitMine’s aggressive accumulation strategy is rooted in a specific macroeconomic thesis championed by Chairman Tom Lee. The company’s pivot to Ethereum accelerated dramatically in early August, when it first announced it held 1% of the supply. At that time, BitMine’s equity was trading around $38.

The rapid doubling of its position to 2% coincides with a share price that has since climbed to more than $61, directly linking corporate strategy to market performance. Lee frames current regulatory shifts, specifically the GENIUS Act and the SEC’s Project Crypto, as watershed moments comparable to the end of the Bretton Woods system, creating a fertile ground for a “supercycle” in digital assets.

Lee’s long-term conviction stems from the belief that Ethereum is the primary infrastructure upon which future financial and technological systems will be built. He envisions a convergence of traditional finance and artificial intelligence onto blockchain networks, with Ethereum serving as the foundational settlement layer.

“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,” Lee said.

BitMine’s ambitious strategy is backed by a consortium of institutional investors, including ARK’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, and Galaxy Digital, among others. However, BitMine is not alone in recognizing the value of Ethereum as a treasury asset, but it is decisively leading the pack.

According to data from CoinGecko, a total of 12 tracked entities hold a combined 3,518,818 ETH. BitMine’s 2.4 million tokens alone constitute approximately 68% of this aggregate amount held by its known competitors. The second-largest holder, SharpLink, trails with 837,230 ETH, making BitMine’s dominance in the corporate Ethereum treasury space nearly absolute.