BitMine Immersion Technologies has expanded its Ethereum (ETH) holdings to 2.83 million ETH, now valued at $13 billion. The move strengthens its lead as the largest corporate Ethereum holder. The company’s strategy underscores growing institutional confidence in Ethereum’s long-term role in finance.

BitMine Expands Ethereum Holdings, Strengthens Crypto Treasury Lead

BitMine Immersion Technologies (BMNR) saw its stock rise more than 5% on Monday after revealing the purchase of 179,251 ETH to its balance sheet last week. The purchase brings its total Ethereum holdings to over 2.83 million ETH, worth over $13 billion, according to a press release. The company now holds more than 2% of Ethereum’s circulating supply, securing its spot as the largest public treasury stacking ETH.

The firm stated that its combined crypto and cash reserves now total $13.4 billion. This includes 2.83 million ETH, 192 Bitcoin, $456 million in cash, and a $113 million investment in Eightco Holdings, an early-stage venture listed among its high-risk innovation projects.

BitMine acquired its latest Ethereum batch at an average price of $4,535 per ETH. The purchase marks one of the company’s most aggressive accumulation periods yet and solidifies its lead ahead of SharpLink Gaming, which holds about $3.85 billion in ETH.

News of the purchase triggered a sharp rise in BitMine’s stock. BMNR traded up over 9% on Monday, extending a month-long gain to 42%.

The surge in liquidity signals rising investor confidence and places BitMine among the few blockchain-related companies enjoying strong Wall Street participation.

Inside BitMine’s ‘Alchemy of 5%’ Strategy

Chairman Thomas “Tom” Lee, who also leads research at Fundstrat, reaffirmed BitMine’s long-term ambition to control up to 5% of Ethereum’s total supply, a goal internally described as the “alchemy of 5%”.

Speaking after the company’s presentation at Token2049 in Singapore, Lee emphasized that BitMine’s focus on Ethereum is rooted in the blockchain’s reliability and its growing importance in Artificial intelligence and finance.

“Ethereum remains the premier choice given its high reliability and the network’s role in powering both AI and finance”, Lee said. “We see the convergence of AI and crypto as two supercycles unfolding over the next decade, and Ethereum sits at the center of both”.

The Ethereum Foundation’s recent decision to convert 1,000 ETH into stablecoins through CoWSwap also reflects the network’s growing financial discipline. The move highlights Ethereum’s maturity as both a financial and technological ecosystem, aligning with the broader momentum driving BitMine’s conviction.

Broader Institutional Interests

BitMine’s investment of 179,251 ETH aligns with the broader market trend, as Ethereum saw $1.48 billion in inflows last week, according to CoinShares. The inflows pushed its year-to-date total to a record $13.7 billion, nearly three times higher than the year 2024. CoinShares noted that the record formed part of a total $5.95 billion in digital asset inflows, led by Bitcoin, and including Solana and XRP products.

Ethereum is trading near $4,700, up 4.5% in the past 24 hours as it approaches its all-time high of $4,946, according to CoinGecko data. The top altcoin has registered 13% gains in the past week, setting the stage for a broader rally in the sector amid positive expectations of an “Uptober” rally.