BitMine’s Ethereum treasury reached 4.066.062 ETH, representing roughly 3.37% of the circulating supply and positioning the firm as the largest corporate holder of ETH. The holdings sit within a $13.2B total crypto-and-cash treasury, creating notable market and balance-sheet implications. The scale and timing of accumulation during volatility frame both the opportunity and risk profile for the company.
BitMine Immersion Technologies reported holdings of 4.066.062 ETH, with an average market valuation implied at about $2.991K per ETH and an aggregate crypto-and-cash treasury of $13.2B. This position makes BitMine the largest known public ETH treasury and the second-largest corporate crypto treasury overall, behind a major Bitcoin-centric holder.
The company executed a sequence of large acquisitions through late 2025, including roughly $300M of purchases on 2025-12-21 that added about 98.852 ETH to the balance, alongside multiple prior buys in October and September that cumulatively added several hundred thousand ETH. Management targets a long-term ownership goal of 5% of the total ETH supply, anchoring the accumulation strategy.
BitMine’s concentrated bet on Ethereum introduces distinct risks for investors and compliance officers. The company reported substantial unrealized losses that exceeded $3B around December 2025, driven by the gap between the ETH average cost basis and market prices. Such paper losses can constrain borrowing capacity and raise liquidity and margin considerations for treasury management.
BitMine’s Ethereum treasury holdings and recent purchases
BitMine has undertaken capital raises — including a $365M offering — and maintains an active S-3ASR shelf registration effective through 2028, providing flexibility to issue new securities but creating the potential for shareholder dilution if further equity is required to fund accumulation. The firm’s NAV per share is sensitive to both ETH price moves and future issuance decisions, reflecting the interplay between market dynamics and financing choices.
The accumulation strategy is explicitly pro-Ethereum and contrarian, with management opting to “buy the dip” during volatility. Chairman Tom Lee has set an ambitious price outlook, projecting ETH in the $7K–$9K range for 2026, and frames the build-out as part of a broader institutional migration into Ethereum-centric products.
Operationally, BitMine plans to launch the Made in America Validator Network (MAVAN) staking platform in Q1 2026 to capture staking rewards and deepen participation in the Ethereum ecosystem. The company cites tokenization and integration with decentralized finance as strategic priorities to convert on-chain holdings into productive yield and services.
BitMine’s accumulation to more than 4.066.062 ETH underscores a high-conviction, high-concentration corporate treasury strategy that amplifies both upside exposure to Ethereum appreciation and downside risks tied to price swings and funding needs.
