BitMine Stock Surges 6% as Ethereum Holdings Hit a Staggering $11 Billion – But There’s a Catch

BitMine Immersion Technologies shares climbed more than 6% on Monday after the Las Vegas-based company disclosed another major expansion of its Ethereum (ETH) ￰1￱ stock traded at $53.60 following the announcement, though it remained down nearly 4% over the past week. 1/ BitMine provided its latest holdings update for Sept 29, 2025: $11.6 billion in total crypto + "moonshots" – 2,650,900 ETH at $4,141 per $ETH tokens – 192 $BTC coins – $157 million Eightco stake (NASDAQ-$ORBS) – unencumbered cash $436 million Ticker: $BMNR … — Bitmine (NYSE-BMNR) $ETH (@BitMNR) September 29, 2025 The company reported holding 2.65 million ETH valued at $11 billion, alongside 192 Bitcoin worth roughly $21.6 million and $436 million in ￰2￱ assets stood near $11.6 billion, strengthening BitMine’s position as the world’s largest publicly traded Ethereum treasury ￰3￱ Overtakes Ethereum Rivals, Becomes World’s No. 2 Crypto Treasury After Strategy The latest disclosure shows BitMine added 234,846 ETH over the past week, a purchase worth about $980 ￰4￱ buildup extends a series of acquisitions in ￰5￱ September 19, blockchain records showed BitMine buying $69 million in ETH through Galaxy Digital’s over-the-counter desk, with 15,427 ETH settled in several coordinated ￰6￱ Lee’s Bitmine has purchased another $69M in $ETH , bringing its total holdings to $8.66B, and now holds nearly 2% of the total Ethereum supply. #Ethereum #ETH #Bitmine ￰0￱ — ￰7￱ (@cryptonews) September 19, 2025 Earlier that month, the company received 46,255 ETH worth $201 million from BitGo on September 11 and 80,325 ETH worth $358 million from Galaxy Digital and FalconX on September ￰8￱ pace of accumulation has widened the gap between BitMine and its nearest rival, SharpLink Gaming, which holds $3.37 billion in Ethereum.

Globally, BitMine now ranks as the second-largest crypto treasury overall, trailing only StrategyInc., which controls about $72 billion in ￰9￱ chairman Tom Lee, who also heads research firm Fundstrat, has repeatedly tied Ethereum’s role to what he describes as converging “supercycles” in artificial intelligence and ￰10￱ a statement, Lee compared recent regulatory developments, including the GENIUS Act and the SEC’s Project Crypto, to the ￰11￱ to abandon the gold standard in 1971, calling Ethereum the “premier choice” for neutral blockchains due to its reliability and uptime. Still, the stock reaction shows a lingering divide between BitMine’s crypto expansion and shareholder ￰12￱ after Monday’s jump, BMNR shares remain below last week’s levels, suggesting that enthusiasm around Ethereum accumulation has not fully translated into sustained market confidence.) was trading at $4,183, up 0.3% in the past 24 ￰13￱ Hold $21B in Ethereum as Exchange Balances Hit 7-Year Lows Ethereum’s market dynamics are shifting as institutional players increase their holdings and exchange balances fall to multi-year ￰14￱ data shows that 69 entities collectively control 5.26 million ETH, worth about $21.1 billion, roughly 4.3% of the total ￰15￱ the largest holders, BitMine Immersion Technologies accounts for 2.65 million ETH ($11 billion).

Other participants include SharpLink Gaming with 838,000 ETH ($3.4 billion), The Ether Machine with 495,000 ETH ($1.99 billion), and the Ethereum Foundation itself with 223,000 ETH ($899 million). At the same time, ETH reserves on centralized exchanges have dropped to their lowest levels since 2016, according to CryptoQuant .