Bitmine scooped up 179,251 ethereum ( ETH) over the past week, boosting its holdings to a towering 2.83 million ETH valued at roughly $12.84 billion. The crypto treasury giant now commands the largest ethereum stash on record, trailing only Strategy Inc’s massive bitcoin cache.
Bitmine Outpaces DAT Rivals With Aggressive Ethereum Accumulation Spree
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Bitmine Buys Another 179K ETH, Strengthens Its Crypto Empire
Bitmine, the Las Vegas-based crypto and Ethereum network firm, disclosed its updated trove of crypto and cash assets totaling $13.4 billion as of Oct. 5. The haul includes 2.83 million ETH, 192 bitcoin, and $456 million in unencumbered cash. The company also holds a $113 million stake in Eightco Holdings, which it cheekily labels among its “moonshots.”
According to Fundstrat data, Bitmine’s shares are now among the most traded in the United States, averaging $2.5 billion in daily volume—putting it between JPMorgan and Nike in trading rank. That liquidity has made BMNR one of the most active crypto-linked equities on Wall Street.
Chairman Tom Lee said the company’s team spent the past week networking in Singapore during Token2049, where they met with Ethereum core developers and key ecosystem figures. Lee emphasized that ethereum’s role as a base layer for both artificial intelligence (AI) and financial innovation underpins Bitmine’s long-term strategy.
“Ethereum remains the premier choice given its high reliability and 100% uptime,” Lee remarked on Monday. “Since ETH’s price is a discount to the future, it’s the reason Bitmine’s primary treasury asset is ETH.”
Bitmine’s aim to control 5% of ethereum’s supply, according to Lee, is part of what he calls the “alchemy of 5%” thesis — a nod to network effects and compounding value among large holders.
The company’s bullish tone reflects a broader narrative shared by many institutional players — that ethereum, not just bitcoin, may define the next macro supercycle in finance.
