2.6M ETH: BitMine buys the dip, builds a $10.9B treasury

The stock market backs BitMine's vision as it outpaces Visa with a $2.6 billion US trading volume

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

BitMine, an Ethereum-focused company, has taken advantage of ETH’s recent slip below $4,000 to significantly expand its holdings.

The firm disclosed on Sept. 29 that it purchased more than 200,000 ETH during the week, lifting its total to 2.6 million ETH. This stash, at current market prices, is valued at $10.9 billion and now represents more than 2% of Ethereum’s circulating supply.

BitMine Chairman Thomas “Tom” Lee, who also leads Fundstrat, explained that the company’s buying spree reflects a long-term conviction in Ethereum’s role at the intersection of crypto and artificial intelligence.

He described the purchases as “buying ETH at a discount to the future,” arguing that both industries will remain critical drivers of innovation for decades.

He stated:

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. 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.”

Meanwhile, the company’s balance sheet extends beyond Ethereum.

BitMine also holds 192 Bitcoin worth roughly $21.5 million and maintains a $157 million position in Eightco Holdings, a portfolio categorized internally as “moonshots.” It also reports $436 million in cash reserves.

Together, these assets bring BitMine’s total value to $11.6 billion.

This aggressive expansion reinforces BitMine’s status as the largest single Ethereum treasury and the world’s second-largest crypto treasury overall, trailing only Strategy (formerly MicroStrategy), which holds 639,835 BTC valued at about $71 billion.

Digital Asset Treasury Companies Assets Holdings (Source: BitMine)

BitMine stocks

BitMine’s growing Ethereum position has translated into significant stock market activity for the firm.

Fundstrat data shows that as of Sept. 26, BitMine ranked 26th among the most actively traded US equities, with an average daily trading volume of $2.6 billion. This ranks it ahead of Visa, the US-based payment giant, among the 5,704 US-listed stocks.

Among digital asset treasury companies, BitMine is also one of the most traded stocks.

The firm revealed that its shares, alongside those of Strategy, account for 84% of the total activity among the top 30 digital asset treasury companies. It added that its shares alone represent 34% of that percentage.

Crypto Treasury Companies Trading Volume (Source: BitMine)

Speaking about these numbers, Lee said:

“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.”

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