TLDR
- BitMine now holds 2.6 million ETH worth $10.9 billion, over 2% of ETH supply.
- The company ranks 26th in U.S. stock trading activity, surpassing Visa.
- BitMine’s portfolio also includes $21.5 million in Bitcoin and $157 million in Eightco.
- BitMine’s ETH purchases reflect long-term confidence in Ethereum’s future role.
BitMine has expanded its Ethereum holdings to 2.6 million ETH, acquiring over 200,000 ETH after the asset dropped below $4,000. The move, announced on September 29, positions BitMine as the largest single holder of Ethereum globally. With its ETH now valued at $10.9 billion, the company controls over 2% of the cryptocurrency’s total circulating supply.
BitMine Increases ETH Holdings After Market Drop
BitMine made its latest Ethereum purchase during a week when ETH prices fell below $4,000. The company acquired more than 200,000 ETH, taking advantage of lower prices to build on its treasury. This latest acquisition brings its total ETH position to 2.6 million coins.
At current market prices, BitMine’s Ethereum stash is now worth $10.9 billion. This accounts for more than 2% of Ethereum’s circulating supply, making it the largest known ETH holding by a single entity.
Chairman Thomas Lee, who also heads Fundstrat, described the move as a long-term bet on Ethereum’s role in crypto and AI. “We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,” Lee stated. He said Ethereum remains central to the future of blockchain, finance, and artificial intelligence.
Company Portfolio Beyond Ethereum
BitMine’s asset portfolio includes more than Ethereum. The company also holds 192 Bitcoin, valued at around $21.5 million. In addition, it maintains a $157 million stake in Eightco Holdings, which it lists under a category called “moonshots.”
BitMine has also reported $436 million in cash reserves. Adding together ETH, Bitcoin, Eightco Holdings, and cash, the total value of the company’s reported assets is $11.6 billion.
This positions BitMine as the world’s second-largest crypto treasury overall. The largest remains Strategy, formerly MicroStrategy, with 639,835 BTC currently worth about $71 billion.
BitMine Stock Activity Surges
Alongside its crypto growth, BitMine’s stock has seen a sharp increase in trading activity. As of September 26, the company ranked 26th among the most actively traded U.S. equities. The firm saw an average daily trading volume of $2.6 billion.
This level of activity placed it ahead of major companies like Visa. Among 5,704 U.S.-listed stocks, few match BitMine’s trading velocity in recent weeks. BitMine’s stock has also become one of the most traded among digital asset treasury companies.
According to Fundstrat, BitMine and Strategy stocks together account for 84% of trading among the top 30 crypto treasury firms. BitMine’s shares alone make up 34% of that total.
Ethereum Conviction and Long-Term Strategy
BitMine has signaled that its ETH accumulation is part of a broader strategy. Chairman Thomas Lee said the firm sees Ethereum as essential to the future of blockchain and finance. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system,” Lee noted.
He referred to Ethereum as a platform that can support major future innovations. Lee added that BitMine is aiming to raise its crypto NAV per share, while also keeping its stock highly liquid.
The company’s ETH-focused strategy separates it from many others in the crypto space. While others diversify across multiple chains and tokens, BitMine has maintained a strong Ethereum concentration. The firm continues to build its position during market corrections, using dips as entry points.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
