BitMine Immersion Technologies on Monday reported total holdings of $13.4 billion in cryptocurrency, cash, and equity stakes, reinforcing its position as one of the largest Ethereum holders globally. The company said its portfolio includes 3,236,014 Ether (ETH), 192 Bitcoin (BTC), $219 million in cash, and a $119 million equity stake in Eightco Holdings.
The figures are based on asset valuations as of Oct. 19, when ETH was priced at $4,022 per token, according to Bloomberg data. BitMine’s holdings place it first in global Ethereum treasuries and second in overall crypto treasuries behind Strategy Inc. (MSTR), which holds 640,250 BTC valued at about $69 billion.
ETH Purchases Amid Market Volatility
The company said it acquired 203,826 ETH tokens in the past week, increasing its holdings to 3.24 million ETH — roughly 2.7% of the cryptocurrency’s total supply. Chairman Thomas “Tom” Lee of Fundstrat said the recent decline in ETH prices created an opportunity to expand the company’s position.
“The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH prices,” Lee said in a statement. He added that open interest in ETH derivatives has returned to levels last seen in June, when prices were significantly lower. The company is aiming to eventually control 5% of the total ETH supply, a strategy Lee described as central to its long-term accumulation plan.
Rising Trading Volume and Institutional Interest
BitMine’s stock has seen increased market activity. According to Fundstrat data, it recorded an average daily trading volume of $2.1 billion over the past five days, ranking 33rd among all U.S.-listed stocks. The company’s trading activity is positioned between Costco and Eli Lilly in volume rankings. Institutional investors have shown interest in BitMine as liquidity in the stock has grown. Lee said the combined trading volume of BitMine and MSTR represents 88% of all global digital asset treasury trading volume.
Industry analysts have drawn comparisons between recent regulatory initiatives, including the GENIUS Act and the U.S. Securities and Exchange Commission’s Project Crypto and major financial shifts in the 20th century. Lee likened the current transition to the U.S. decision in 1971 to end the gold standard, which reshaped modern financial markets.
