BitMine Boosts ETH Holdings to 3.5M, Tops Global Treasury Rankings
BitMine Immersion (NYSE:BMNR) has rapidly expanded its ETH treasury to 3.5 million ETH, about 2.9% of circulating supply, valued at $12.7 billion. Under Tom Lee’s disciplined “Alchemy of 5%” plan, the firm added 110,288 ETH last week and over 940,000 ETH since March, at an average cost of $4,020, incurring $1.66 billion in unrealized losses.
The firm also holds 192 BTC, $398 million in unencumbered cash and a $61 million ORBS stake. By staking over 3% of Ethereum’s validator nodes, BitMine earns rewards and bolsters network security. BitMine’s ETH treasury now ranks second only to MicroStrategy’s, while its crypto NAV per share leads the sector.
Tom Lee describes Ethereum as a “super cycle story” fueled by institutional adoption, tokenization and on-chain utility. BitMine’s transparency and steady ETH accumulation signal a shift from speculative trading to strategic ownership. As corporate treasuries deploy idle cash into ETH staking, liquid supply tightens, supporting long-term price upside.
Bullish
BitMine’s aggressive accumulation of 3.5 million ETH (2.9% of supply) and ongoing stakes in over 3% of Ethereum validator nodes tighten liquid supply and boost network security. Despite $1.66 billion unrealized losses, the firm’s strong cash reserves and leading crypto NAV per share reinforce market confidence. Tom Lee’s focus on institutional adoption and strategic ETH ownership signals continued demand. This news is bullish for ETH, as corporate treasury staking and disciplined buying are likely to sustain upward price pressure in both the short and long term.