Ethereum’s ownership landscape is shifting, and one corporate buyer is increasingly hard to ignore. BitMine Immersion, an Ethereum-focused treasury company chaired by Tom Lee, has expanded its ETH position to a level that now rivals some of the largest players in the network’s history.
With more than 4.16 million ETH under its control, BitMine’s exposure now represents a meaningful slice of Ethereum’s circulating supply. At current prices, the company’s ETH stack alone is valued at roughly $13 billion, placing it firmly in a category far beyond typical corporate crypto allocations.
Key Takeaways
BitMine has built a massive Ethereum position, now controlling a meaningful share of ETH’s circulating supply.
The company’s rapid expansion in staking is giving it growing influence over Ethereum’s validator ecosystem.
BitMine is emerging as Ethereum’s closest equivalent to Bitcoin-focused corporate treasury plays.
Accumulation Without the Spotlight
Unlike one-off mega purchases that grab headlines, BitMine’s strategy has unfolded through consistent, weekly additions. Its latest update shows another sizable ETH increase, pushing total crypto and cash holdings close to $14 billion. While the company has not revealed its average purchase price, the most recent additions alone are worth tens of millions of dollars at prevailing market levels.
This steady accumulation suggests a long-term conviction rather than tactical trading, positioning BitMine as a structural holder rather than a short-term speculator.
Staking at a Network Scale
BitMine’s influence goes well beyond holding ETH on its balance sheet. The company has rapidly expanded its staking operations, with more than 1.25 million ETH now locked into validators. That figure nearly doubled in just one week, a pace that has had visible effects on Ethereum’s validator mechanics.
The surge in BitMine’s staking activity has coincided with a growing validator entry queue, even as exit activity has dropped off. In practical terms, this means BitMine is becoming a significant participant in securing the network and capturing staking yield, not just a passive holder of tokens.
A Treasury Built for Flexibility
Ethereum may dominate the balance sheet, but BitMine’s structure is not one-dimensional. Alongside its ETH position, the company holds Bitcoin, substantial cash reserves nearing $1 billion, and an equity stake tied to a Worldcoin-related treasury firm. This mix provides liquidity and optionality, allowing the firm to scale its crypto exposure without being forced into asset sales during volatility.
The result is a treasury model that blends long-term crypto conviction with traditional balance-sheet resilience.
Pulling Ahead of Other ETH Treasuries
Among companies building Ethereum-centric treasuries, BitMine now stands well clear of the pack. Other notable holders, including firms associated with Joe Lubin, control only a fraction of BitMine’s ETH position. The gap underscores how aggressively BitMine has leaned into Ethereum relative to its peers.
This concentration also raises broader questions about how much ETH large corporate treasuries are willing – or able – to absorb as institutional interest grows.
Ethereum’s Answer to the Bitcoin Treasury Playbook
In the wider crypto treasury universe, BitMine’s rise mirrors a familiar pattern from the Bitcoin side of the market. Only Strategy, led by Michael Saylor, holds a larger crypto position by market impact. But while Strategy has framed Bitcoin as digital gold, BitMine’s approach treats Ethereum as productive infrastructure capable of generating yield through staking.
That distinction matters. If more companies follow BitMine’s model, Ethereum’s supply dynamics, staking participation, and institutional role could look very different in the years ahead.
For now, BitMine’s expanding footprint signals something bigger than balance-sheet growth: it reflects a growing corporate willingness to treat Ethereum not just as an asset to hold, but as a network to actively participate in at scale.
