BitMine’s Ethereum holdings surge to 833,000 ETH worth $2.9 billion, largest among public firms

The Block

2025-08-04 20:48:31

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Ethereum treasury firm BitMine Immersion Technologies (BMNR) said its ether holdings have climbed to about 833,000 tokens currently worth more than $2.9 billion, making the Tom Lee–backed company the world’s largest public holder of ETH as of Aug. 4.

Miller Value Partners founder Bill Miller III has also joined Peter Thiel-backed Founder’s Fund and Cathie Wood’s ARK Invest among BitMine’s roster of top investors, according to a press release. ARK Invest has bought roughly $52.3 million of BMNR shares since July 29, while Peter Thiel-backed entities acquired a 9.1% Bitmine stake last month.

Monday’s disclosure comes less than two weeks after BitMine announced a $1 billion stock-repurchase program and reported holdings of 625,000 ETH. Since launching its treasury strategy in early June, the firm has issued equity and convertibles at a rapid clip, moving from an initial $250 million PIPE to nearly $3 billion in ether in about 35 days.

Several U.S. publicly traded entities have tapped capital markets to finance crypto acquisitions, a path popularized by Michael Saylor and Strategy. BitMine’s latest announcement suggests it bought 208,000 ETH valued at $739 million today. The massive accumulation pushes the aggregate value of public-company ETH treasuries to well over $10 billion.

BitMine’s updated figure surpasses SharpLink Gaming’s 480,000 ETH holdings and The Ether Machine’s 345,000 ETH stack, cementing BitMine’s lead in a fast-growing corporate treasury niche. The company said it intends to continue raising capital to expand its ETH position and reiterated plans of securing up to 5% of Ethereum supply, a goal titled the “alchemy of 5%” by chairman Tom Lee. Miller also hinted that BitMine aims to stake its ETH balance sheet to generate yield and accrue extra shareholder value.

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