Key Points
- Bitmine Immersion Technologies (BMNR) becomes the world’s second-largest crypto treasury holder, surpassing Marathon Digital.
- BMNR’s combined crypto and cash holdings now total $13.4 billion, including 2.83 million Ethereum, $456 million in unencumbered cash, and minor Bitcoin and equity stakes.
Bitmine Immersion Technologies, an investor in the Ethereum treasury, has reached a significant landmark, overtaking Marathon Digital to become the world’s second-largest holder of a crypto treasury.
Bitmine’s Crypto and Cash Holdings
The company announced on October 6 that its combined crypto and cash holdings have reached a total of $13.4 billion. This includes 2.83 million units of Ethereum, $456 million in unencumbered cash, and minor stakes in Bitcoin and equity.
With the current market prices of Ethereum standing at $4,535 per unit, Bitmine’s Ethereum reserves are valued at approximately $12.83 billion. This gives the company control of over 2% of the total Ethereum supply.
Bitmine’s rapid accumulation of Ethereum in Q3 has allowed it to move ahead of Marathon Digital, whose $6.5 billion holdings are primarily Bitcoin-based. The only company that ranks higher globally is Strategy, led by Michael Saylor, which holds 640,031 units of Bitcoin valued at $80 billion.
Bitmine’s Stock Performance and Future Goals
The aggressive accumulation of Ethereum by Bitmine, which resulted in its best-ever Q3 performance, has positively impacted its stock performance. BMNR’s stock rose by 41.7% in the past month and was trading at a market cap of $17.7 billion at the time of the report.
Prominent investors such as Cathie Wood’s ARK Invest, Founders Fund, Pantera, Galaxy Digital, and DCG back Bitmine. The company continues to work towards Chairman Thomas “Tom” Lee’s long-term goal of acquiring 5% of Ethereum’s circulating supply.
At the Token 2049 conference in Singapore, Bitmine Chairman Tom Lee reiterated the company’s long-term commitment to Ethereum and discussed potential AI integration.
Lee highlighted Ethereum’s 100% uptime, established developer community, and deep liquidity as potential value drivers for AI infrastructure. The price of Ethereum surged 4% intraday, climbing above $4,719, its highest level since mid-September. This is the strongest single-day rally since October 1, indicating renewed optimism as investors anticipate bullish reactions to the US shutdown to spill over into the week ahead.
