BitMine Immersion Amasses $10.7B Crypto Cache, Targets 5% of Ethereum Supply

BitMine Immersion, the Peter Thiel-backed Bitcoin miner, unveiled a massive $10.7 billion cryptocurrency treasury on Monday, cementing its status as the largest corporate holder of Ethereum.

The Nasdaq-traded company (ticker: BMNR) reported 2,151,676 ETH valued at $9.7 billion, alongside 192 BTC worth about $22 million, $569 million in cash, and a $214 million stake in crypto-focused Eightco (NASDAQ: ORBS). Additional “moonshot” holdings round out its digital asset portfolio.

Tom Lee of Fundstrat Global Advisors, the strategist behind BitMine’s aggressive accumulation, said the move positions Ethereum as a “once-in-a-generation macro trade,” citing Wall Street’s blockchain adoption and the rise of AI-driven token economies as key catalysts. “We aim to secure 5% of the total Ethereum supply,” Lee emphasized.

BitMine pivoted in May to focus on ETH accumulation, mirroring MicroStrategy’s well-known Bitcoin playbook. Ethereum itself trades near $4,520, up 78% over the past three months, and surveys show nearly 70% of market participants expect it to test $5,000 before falling to $3,500.

The strategy has already paid off for shareholders: BitMine’s stock has surged more than 1,100% since June, recently hovering around $53 after peaking at $135 in July. With institutional capital and AI innovation converging on Ethereum, BitMine is betting big that its ETH trove will define the next decade of digital finance.