BitMine Immersion Technologies (NYSE American: BMNR), a Bitcoin and Ethereum network company, announced on Oct. 13 that its combined crypto, cash, and strategic investment holdings total $13.4 billion as of Oct. 12.
The company said its crypto portfolio includes more than 3 million Ether (ETH) valued at $4,154 per token, 192 Bitcoin (BTC), an equity stake worth $135 million in Eightco Holdings, and $104 million in cash reserves.
BitMine described itself as holding the largest Ethereum treasury globally and the second-largest overall crypto treasury, behind Strategy Inc., which holds 640,031 BTC valued at approximately $73 billion.
Ethereum Purchases During Market Decline
According to the company’s announcement, BitMine expanded its Ethereum position by purchasing 202,037 ETH during recent market volatility, increasing its total holdings to about 2.5% of Ethereum’s circulating supply.
Thomas “Tom” Lee, chairman of BitMine and head of Fundstrat, said the firm capitalized on the recent price drop to strengthen its position. He added that the company is progressing toward its goal of owning 5% of the total Ethereum supply.
Lee compared ongoing developments in cryptocurrency regulation and policy — including the GENIUS Act and the Securities and Exchange Commission’s Project Crypto — to the United States’ decision in 1971 to end the Bretton Woods monetary system. He said that shift spurred the modernization of financial markets and could serve as a parallel to the current evolution of blockchain adoption within finance.
Chairman’s Message Highlights Ethereum ‘Supercycle’
BitMine also released its October Chairman’s Message, featuring Lee’s keynote presentation from Token2049 in Singapore, where he discussed what he called the “Ethereum Supercycle.” The company said the presentation outlines how artificial intelligence and traditional finance are increasingly converging with blockchain technologies.
Lee said volatility and deleveraging in digital asset markets often create investment opportunities, allowing long-term investors to acquire assets below their perceived fundamental value. BitMine has also become one of the most actively traded stocks in the United States, according to Fundstrat data, recording an average daily trading volume of $3.5 billion over a five-day period ending Oct. 10.
The company ranked 22nd in the U.S. by trading volume, between Coinbase and UnitedHealth, based on data from Fundstrat and Statista. Lee added that institutional interest in BitMine continues to grow, citing strong liquidity and trading activity compared with other crypto treasury firms.
