BitMine Immersion Technologies has officially claimed the title of the largest publicly listed holder of Ethereum (ETH) globally. The company recently disclosed its treasury reserves now exceed 833,000 ETH, currently valued at over $2.9 billion. This milestone marks a major turning point for the company, which only began implementing its Ethereum-focused treasury strategy in early June.
Meteoric Rise in Ethereum Holdings
BitMine’s ETH holdings have seen a remarkable surge in just two weeks, jumping from 625,000 ETH to 833,000 ETH. This sharp increase follows a single-day acquisition of 208,000 ETH—worth approximately $739 million—executed last Monday.
This aggressive accumulation is part of a broader strategy involving the issuance of shares and convertible bonds, which has enabled the company to raise nearly $3 billion in under 35 days.
At the core of BitMine’s long-term vision is the concept of the “5% Alchemy”, a strategic initiative introduced by Chairman Tom Lee. The goal? To acquire up to 5% of Ethereum’s total circulating supply. If achieved, this would further solidify BitMine’s position as a pivotal force in Ethereum’s financial infrastructure, with plans to stake its ETH holdings and generate on-chain returns for its shareholders.
Backed by Prominent Investors
BitMine’s aggressive ETH accumulation strategy is not unfolding in isolation. The company has attracted a lineup of high-profile investors, including Bill Miller III, founder of Miller Value Partners; Founders Fund, led by Peter Thiel; and ARK Invest, headed by Cathie Wood.
Their support comes on the heels of BitMine’s recently announced $1 billion share buyback program, reinforcing shareholder confidence and capital efficiency.
Setting a New Standard in ETH Treasury Strategy
With 833,000 ETH under management, BitMine now far surpasses other publicly listed Ethereum holders, such as SharpLink Gaming (480,000 ETH) and The Ether Machine (345,000 ETH). The combined ETH reserves of all public companies now exceed $10 billion, and BitMine’s dominance underscores a growing institutional appetite for Ethereum as a long-term strategic asset.
As BitMine continues its fundraising efforts and expands its staking infrastructure, the company is rapidly emerging as a leader in ETH-centric corporate finance, building bridges between Wall Street capital and the Ethereum economy.