Bitmine Says It Holds 2.65M ETH, Puts Total Crypto and Cash at $11.6B

Bitmine: $11.6B Combined Holdings, 192 Bitcoin, 2.65M ETH, and Cash

As of Sept. 28 at 7 p.m. Eastern, Bitmine (NYSE: BMNR), reported 2,650,900 ethereum (ETH) valued at $4,141 per token using Bloomberg pricing, 192 bitcoin, unencumbered cash of $436 million, and a $157 million equity stake in Eightco Holdings. Bitmine said the totals, which it calls “crypto + cash + moonshots,” equal $11.6 billion.

The company said its ethereum position now represents more than 2% of the token’s current supply and reiterated a target of 5%. Bitmine chairman and Fundstrat’s Tom Lee noted ethereum remains the firm’s primary treasury asset.

Bitmine said it remains the largest ethereum treasury and the No. 2 global corporate crypto treasury, behind Strategy Inc. (MSTR), which now holds 639,835 bitcoin valued at $71 billion. The company’s release did not disclose a cost basis for its ether or bitcoin balances.

The firm also highlighted trading activity in its shares, saying BMNR ranked as the 26th most-traded U.S. stock by dollar volume with a five-day average of $2.6 billion as of Sept. 26, citing Fundstrat research and Statista. Bitmine said that ranked it just below Marvell Technology and just above Visa among 5,704 U.S.-listed stocks.

The company provided no timeline for its 5% target and did not outline additional financing plans. Figures were presented without an independent audit in the release. Following the release and just after 1:30 p.m. Eastern, BMNR was trading for $52.21 per share, and it was up over 3% on Monday.

Bitmine describes itself as an Ethereum network company focused on long-term accumulation of digital assets. The company said its rankings and share-of-supply estimates are based on internal calculations at the time of disclosure. The next ETH treasury firm below the Tom Lee-backed company is Sharplink, which holds roughly 838,730 ether or around 1,811,270 fewer ETH than Bitmine.