Nasdaq-listed Bitcoin miner BitMine Immersion Technologies (BMNR) has revealed it holds over $10.7 billion in assets on its balance sheet, with $9.7 billion of that allocated to Ethereum. The company disclosed it currently holds 2,151,676 ETH, along with 192 Bitcoin (worth nearly $22 million), $569 million in unencumbered cash, a $214 million stake in crypto treasury firm Eightco, and other crypto holdings.
The strategy is led by Fundstrat Global Advisors Managing Partner and BitMine Chairman Tom Lee, who stated in a Monday announcement: "As we mentioned in our August Chairman's message, the convergence of both Wall Street moving onto the blockchain and AI/agentic-AI creating a token economy is creating a supercycle for Ethereum." Lee, who has long been bullish on Bitcoin but now sees even greater potential in Ethereum, reiterated the company's ambitious goal to acquire 5% of the total Ethereum supply.
"We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years," Lee added. "Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system. And the majority of this is taking place on Ethereum."
BitMine's move follows the corporate treasury model pioneered by MicroStrategy (now Strategy) with Bitcoin. The Peter Thiel-backed company has become the largest corporate holder of ETH. Since pivoting to raising money to buy Ethereum in May, BitMine's stock has rallied over 1,133% since the end of June, recently trading at nearly $53 per share.
Market sentiment appears to align with Lee's optimism. According to prediction market Myriad, nearly 70% of participants believe ETH is more likely to reach $5,000 than sink to $3,500. Ethereum was trading around $4,520 at the time of the announcement, down 1.6% over 24 hours but up 78% over three months.