BitMine Extends Its Ethereum Lead
BitMine Immersion Technologies has strengthened its Ethereum treasury, now holding more than 2,069,443 ETH valued at roughly $9 billion. This move widens the gap between BitMine and other Ethereum treasury firms, securing its place as the largest corporate ETH holder by a wide margin. Alongside Ethereum, the company also holds 192 Bitcoin worth about $215 million and $266 million in cash reserves.
BitMine’s position now represents more than 1.7% of Ethereum’s circulating supply, establishing it as one of the most influential institutional players in the network’s long-term outlook.
Tom Lee’s Ethereum Supercycle Thesis
Chairman Tom Lee explained the firm’s strategy as part of a broader shift where both Wall Street and emerging AI economies converge on Ethereum. According to Lee, this creates the conditions for what he calls a “supercycle,” where Ethereum becomes the backbone of tokenized assets, decentralized applications, and AI-powered markets.
By doubling down on ETH while diversifying through strategic investments, BitMine is positioning itself to capture upside from both the network effect of Ethereum and the experimental edge of emerging crypto-native businesses.
Strategic “Moonshot” Into Worldcoin
BitMine also made headlines with its first experimental investment under a strategy inspired by Google’s “Other Bets.” The firm injected $20 million into Eightco Holdings, an e-commerce company executing a treasury plan around Worldcoin (WLD), the native token of the World Chain ecosystem co-founded by Sam Altman.
BitMine described the investment as a calculated risk aimed at backing projects that could expand Ethereum’s value proposition. Lee noted that as an ERC-20 token, Worldcoin aligns with Ethereum’s infrastructure and could become an important growth driver for the ecosystem.
Recommended Article: Ethereum Stablecoin Supply Hits $165B as Tokenization Boom Accelerates
Eightco Shares Skyrocket 3,000%
Following BitMine’s announcement, Eightco Holdings’ shares (OCTO) exploded more than 3,000% in early trading, climbing to $46.01. The dramatic surge reflected investor enthusiasm for the firm’s pivot toward digital assets and its alignment with BitMine’s strategic vision.
BitMine’s own shares (BMNR) also saw a modest 0.5% bump, trading at $42.36. Despite being down around 18% over the past month, the company’s dominant ETH position continues to underpin long-term investor confidence.
Rival Treasuries Struggle to Keep Up
BitMine’s Ethereum lead is now more than double its closest competitor. SharpLink Gaming, the runner-up in ETH holdings, manages just $3.63 billion worth of Ethereum. This highlights BitMine’s aggressive accumulation strategy and its commitment to using Ethereum as the centerpiece of its treasury operations.
Beyond Ethereum, BitMine’s diversification into Bitcoin and cash provides additional liquidity, but the firm’s conviction clearly lies in ETH as a primary reserve asset.
Ethereum Market Context
The timing of BitMine’s announcement comes as Ethereum continues to dominate real-world asset tokenization markets and stablecoin adoption. ETH traded at $4,328 on Monday, up 0.7% over 24 hours but still about 12% below its late-August all-time high.
While U.S. spot Ethereum ETFs shed $787.6 million over four days last week in one of their largest outflow streaks to date, corporate players like BitMine appear undeterred, viewing the dip as an opportunity for strategic accumulation.
Long-Term Positioning for Ethereum’s Future
With more than $9 billion in ETH holdings, BitMine has firmly established itself as the largest Ethereum treasury among public firms. Its decision to branch into high-risk, high-reward “moonshots” tied to the Ethereum ecosystem reflects both confidence in ETH’s future and a willingness to explore bold opportunities.
As institutional adoption of Ethereum accelerates and real-world asset tokenization expands, BitMine’s dual focus on ETH reserves and strategic ecosystem investments could cement its reputation as one of the most forward-looking crypto treasuries in the market.
