BitMine revealed it has increased its Ethereum (ETH) holdings to 2 million ETH over the past few days, achieving a key milestone for the company’s investment strategy and solidifying its position as the largest ETH Treasury in the world.
According to the announcement, the company now holds 2,069,443 ETH at $4,312, 192 Bitcoin (BTC), and unencumbered cash worth $266 million. This achievement is part of the company’s goal to hold 5% of Ethereum’s total supply, now controlling 1.71%, worth $8.5 billion.
BitMine’s chairman, Thomas “Tom” Lee, stated, “BitMine has surpassed the 2 million ETH milestone this past week. 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. And the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH.”
“At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” Lee added. It’s worth noting that the company became the third-largest crypto treasury and the largest Ethereum Treasury in the world after hitting the 1.15 million ETH milestone just last month.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” continued Lee in the announcement. “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 also revealed it has made a $20 million strategic investment into Eightco Holdings Inc. (NASDAQ: OCTO) as part of OCTO’s $270 million private investment in public equity (PIPE). On September 8, Eightco announced it plans to adopt Worldcoin (WLD), an ERC20 asset, as its primary treasury holding.
Notably, the strategic investment marks the start of the company’s “Moonshot” strategy, which aims to allocate around 1% of BitMine’s balance sheet into projects to strengthen the Ethereum ecosystem and create value for BitMine equity shareholders.
The company’s stock has also been favored by international retail investors over the past few months, with hundreds of millions of dollars being poured into BitMine, which is seen as a proxy for Ethereum.
