BitMine Shatters Records: Amasses $10.8B to Become Largest Ethereum Holder in History

Mining giant BitMine just rewrote the crypto rulebook—hoarding a staggering $10.8 billion in Ethereum and claiming the throne as the network's biggest whale.

How They Did It

Through aggressive accumulation and strategic treasury moves, BitMine now controls more ETH than any single entity worldwide. That’s not just market dominance—it’s market definition.

Why It Matters

When one player holds this much firepower, the entire ecosystem feels the ripple. Validator influence, governance sway, and even price momentum tilt in their favor. Traditional finance might call it concentration risk—crypto calls it opportunity.

Looking Ahead

This isn’t just a stash—it’s a statement. Expect sharper market moves, louder governance proposals, and maybe even a few sweaty-palmed fund managers scrambling to explain why they’re still underallocated. Sometimes the biggest risk isn’t volatility—it’s being on the sidelines.

August report and growth strategy

The company’s rapid accumulation follows its August 31 investor disclosure, where BitMine reported $8.98 billion in total holdings, including 1,866,974 ETH, 192 BTC, and $635 million in cash. 

In early September, BitMine laid out its long-term vision through an investor presentation called “The Alchemy of 5%” and a new episode of its monthly video series “The Chairman’s Message” with Chairman Thomas “Tom” Lee.

Lee explained that BitMine’s ultimate target is to secure 5% of the total Ethereum supply. He described the ongoing shift of Wall Street firms onto blockchain and the rise of agentic AI as powerful forces that could trigger a fresh “supercycle” for Ethereum.

Backed by major institutions

Big names from finance and crypto are backing BitMine, showing trust in its push to grab a larger share of Ethereum. Supporters include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, Digital Currency Group, Galaxy Digital, and personal investor Tom Lee.

The company’s stock has also become one of the most actively traded in the United States. Over the past five days, BMNR has averaged $2.0 billion in daily trading volume, ranking as the 28th most traded U.S. stock, just behind Eli Lilly and ahead of Arista Networks, according to Fundstrat and Statista data.

Outlook

“Ethereum is one of the biggest macro trades of the next decade,” said Lee. “Wall Street and AI moving onto blockchain will reshape global finance, and most of this transformation will happen on Ethereum.”

With nearly $11 billion in assets and the largest ETH treasury in the world, BitMine appears determined to keep raising the bar in crypto treasury management.

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