BitMine has revealed numbers that place it firmly among the most aggressive institutional participants in crypto - but the headline isn’t just the size of its balance sheet. The real story is how centrally Ethereum factors into the company’s identity.
The firm now commands $13.2 billion in assets — but this isn’t a diversified bundle evenly spread across tokens. Instead, BitMine’s balance sheet reads like a thesis statement: Ethereum is the core of the future.
Key Takeaways
BitMine’s asset base has reached $13.2B.
The firm’s ETH holdings exceed 3.2% of circulating supply.
Weekly Ethereum buying jumped 156% — now at 138,452 ETH.
BitMine publicly targets owning 5% of ETH, signaling deep strategic conviction.
Internally, executives classify their stack into three groups — operational cash, speculative venture plays, and crypto holdings — but that third category dwarfs the rest. As of early December, BitMine holds just shy of 3.9 million ETH. At current valuations, that means the company has quietly accumulated more than 3.2% of all Ethereum in circulation.
Its Bitcoin exposure, by contrast, is almost symbolic: fewer than 200 BTC. The message isn’t subtle — the company is positioning itself as an Ethereum specialist, not a generalized crypto hoarder.
The only traditional market piece disclosed is a $36 million equity stake in Nasdaq-listed Eightco Holdings, tagged as part of BitMine’s “moonshot” bucket.
Cash and Conviction
The firm keeps about $1 billion in liquid reserves — enough to maneuver or absorb shocks — but the most aggressive capital allocation is being directed to ETH accumulation.
Chairman Thomas “Tom” Lee said the firm’s weekly purchase habits have shifted radically. Over the last week alone, BitMine added 138,452 ETH — nearly three times its pace of just one month earlier. That surge marks a 156% increase in weekly accumulation.
Aiming for More Influence Over Ethereum’s Supply
BitMine isn’t shy about its goal: it wants its share of the Ethereum supply to reach 5% in the medium term. That target effectively signals the company’s ambition to become a structural actor inside the ecosystem, not merely a beneficiary of price appreciation.
Executives describe this drive as a play on Ethereum’s evolution — from a computing layer to a settlement backbone and yield engine. If they’re right, controlling large portions of the network could matter much more than being early in Bitcoin ever did.
With these disclosures, BitMine has positioned itself not just as a miner or asset manager, but as one of Ethereum’s most committed institutional whales.
