BitMine Immersion Technologies has announced that its crypto and cash holdings have reached $13.2 billion due to a surge in Ethereum accumulation.
The company said it currently owns 3.5 million ETH worth about $12.7 billion, along with 192 BTC, $61 million in equity in Eightco Holdings, and $398 million in cash.
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Tom Lee confirms strategic expansion
At this level, BitMine controls approximately 2.9% of the total supply of Ethereum. This makes Tom Lee’s company the world’s largest ETH vault, and second overall behind MicroStrategy’s Bitcoin holdings.
“We acquired 110,288 ETH tokens in the past week, which is a 34% increase from the previous week,” Lee said. “This increases our holdings to 3.5 million ETH, reaching half of our goal of 5% of supply.”
Tom Lee described Ethereum as the foundation of the next financial supercycle, citing institutional interest in tokenizing on-chain assets.
Last week, Bitmine and the Ethereum Foundation co-hosted an event at the New York Stock Exchange that was attended by major financial institutions.
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Lee compared regulatory changes in 2025, such as the GENIUS Act and the SEC Project Crypto, to the U.S. decision in 1971 to abolish the gold standard.
He calls this a pivotal modernizing moment for financial markets.
Transitioning from Bitcoin mining to Ethereum Treasury
BitMine was originally a Bitcoin mining and hosting company using immersion cooling facilities located in Texas and Trinidad. The company continues to mine Bitcoin under its “Mining-as-a-Service” program and hosts third-party miners.
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However, the company has steadily re-established itself as a cryptocurrency investment and financial management company. The company’s business currently combines mining infrastructure with strategic accumulation of ETH and BTC to deliver long-term value.
Analysts see BitMine’s approach as similar to MicroStrategy’s Bitcoin financial model, but with a focus on Ethereum’s broader use in DeFi, stablecoins, and tokenized assets.
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Stocks have high volatility but high liquidity
Bitmine stock is one of the most actively traded US stocks in 2025. It has recently been trading around $42, down from October’s high of more than $56, but still up more than 300% since July.
BMNR averaged $1.6 billion in daily trading volume last week, ranking it 48th among all publicly traded U.S. stocks, according to Fundstrat. This puts it just behind Lam Research and in front of Arista Networks.
The stock’s rise began after Peter Thiel revealed in July that he owned a 9.1% stake in the company, suggesting increased confidence among institutional investors.
Still, its valuation is still tied to Ethereum’s price performance and overall market sentiment.
