BitMine Tightens Its Grip on Ethereum as Treasury Swells Past $12 Billion

Ethereum-focused treasury firm BitMine Immersion has pushed its crypto war chest to new heights, with total Ethereum holdings now exceeding 4.24 million ETH, valued at roughly $12.3 billion at current market prices.

The Nasdaq-listed company added more than 40,000 ETH over the past week, lifting the combined value of its digital assets and cash reserves to about $12.8 billion. While the firm did not reveal its average purchase price, the most recent batch alone is worth over $117 million based on current valuations.

Beyond Ethereum, BitMine maintains smaller positions across other assets, including Bitcoin, a strategic stake in a Worldcoin-linked treasury firm, and hundreds of millions of dollars in cash. It has also taken a sizable equity position in a major consumer-facing digital brand, signaling a broader strategy that blends crypto exposure with traditional investments.

BitMine’s Ethereum stash now represents around 3.5% of the network’s circulating supply, which stands near 120.7 million ETH. Nearly half of that balance is already committed to staking, with the company steadily increasing the amount of ETH it locks into the network each week. At full scale, the staking operation is expected to generate hundreds of millions of dollars annually in fees, underscoring how yield has become a central pillar of its treasury strategy.

With these holdings, BitMine sits at the top of the global Ethereum treasury leaderboard, well ahead of other prominent ETH-focused firms. Across the broader crypto landscape, it ranks just behind the largest Bitcoin-centric public treasury, highlighting the growing divide between BTC- and ETH-driven corporate strategies.

Backed by a roster of major institutional investors, BitMine has set its sights even higher, targeting ownership of roughly 5% of Ethereum’s circulating supply over time. That ambition reflects a wider shift among traditional finance players, many of whom increasingly view crypto, blockchain, and artificial intelligence as converging forces rather than isolated trends.

Recent discussions among global policymakers and business leaders have echoed this sentiment, suggesting that digital assets are moving from the fringes of finance toward the core of institutional portfolios.