Tom Lee’s BitMine Now Holds 3.5M ETH—Treasury Balloons to $13.2B as Crypto Winter Thaws

Fundstrat’s crypto arm just flexed its deepest pockets yet. BitMine’s Ethereum stash hits 3.5 million coins—enough to make a central banker sweat.

The $13.2B question: Is this institutional FOMO or a hedge against fiat’s slow bleed?

Active accumulation suggests whales still bet on ETH’s deflationary pivot. Meanwhile, Wall Street’s ‘risk managers’ are still debating whether crypto belongs in a portfolio. Spoiler: It’s 2025.

The alchemy of 5%

BitMine’s 3.5 million ETH represents approximately 2.9% of the total circulating Ethereum supply. The firm is also a highly liquid equity, with its stock ranking as the 48th most traded in the U.S., averaging $1.6 billion in daily trading volume, a factor that has appealed to large institutional investors.

The company’s strategy revolves around the accumulation of crypto, sourced both from its Bitcoin mining operations and proceeds from capital raising. It is in pursuit of the “alchemy of 5%”, i.e., the goal of acquiring 5% of the total ETH supply. This aim is backed by a belief in the long-term, structural growth of the Ethereum network.

Support from industry experts 

BitMine has consistently attracted support from institutional investors, including ARK, Founders Fund, and personal investor Thomas Lee. The company’s business lines are diversified, including bitcoin mining, synthetic Bitcoin mining through hashrate products, and general crypto advisory services to other public companies.

The increasing institutional acceptance of Ethereum was recently highlighted when BitMine and the Ethereum Foundation co-hosted a high-profile summit for financial institutions at the NYSE building.

Demonstrating its commitment to accumulating tokens during market volatility, BitMine recently took advantage of a dip in ETH prices. Chairman Tom Lee confirmed the acquisition of 110,288 ETH tokens in the past week alone, representing a 34% acceleration in its buying pace compared to the previous week. The purchase drove total ETH holdings past the 3.5 million mark and increased the company’s cash reserves from $389 million to $398 million.

Lee’s future plans for Bitmine

Looking ahead, Chairman Lee maintains that Wall Street’s interest in tokenizing assets onto the blockchain represents the key fundamental story supporting their view that “Ethereum is a super cycle story over the next decade.”

He drew a historical parallel, citing the transformational nature of the GENIUS Act and the SEC’s Project crypto in 2025 as being comparable to the end of the Bretton Woods system in 1971, which was a catalyst for modern financial markets. The immediate goal remains the pursuit of the “alchemy of 5%” of the ETH supply, of which the firm is now more than halfway toward achieving.

BitMine’s constant ETH accumulation, with high stock liquidity and strong institutional backing, puts it as a leader in the crypto corporate treasury landscape. With total assets reaching $13.2 billion and a strategy to secure a larger stake in the Ethereum ecosystem, the company is executing its long-term vision.

Also Read: Tom Lee’s BitMine Adds 7,660 ETH via Galaxy Digital Desk