BitMine Immersion Technologies now holds more than 2 million ETH, valued at roughly $9 billion, according to a note that says the company maintains the largest ETH treasury and the second largest overall crypto treasury. The accumulation stems from a management-declared strategy that positions Ethereum as a core financial layer for the next decade, alongside a new $20 million investment in Eightco (OCTO) tied to a Worldcoin-focused treasury initiative.
Strategy and holdings
BitMine’s management, led by Chairman Tom Lee, frames Ethereum as central to finance over the next ten years and aims to collect up to 5% of the ETH supply. The company believes that reaching this target would influence Ethereum’s liquidity and its price behavior. The recent large ETH purchase pushed BitMine’s treasury above $9 billion in ETH assets and cash, as summarized in the note’s figures, reinforcing the accumulation plan and its scale within the crypto market.
“Moonshot” strategy and Worldcoin connection
BitMine announced a $20 million investment in Eightco Holdings (OCTO) to launch a treasury strategy tied to Worldcoin, presented as part of its broader “Moonshot” initiative supporting projects in the Ethereum ecosystem. Management highlighted Worldcoin—an ERC‑20 asset—due to its “Proof of Human” credential using zero-knowledge proofs, a feature the firm considers important for trust and safety across platforms and users.
Institutional exposure and market dynamics
Reports indicate Founders Fund, associated with Peter Thiel, holds a 9.1% stake in BitMine, which analysts view as supportive of the accumulation plan and its long-term thesis. The presence of large holders and institutional investors is fueling expectations of a tighter link between institutional demand and ETH price, with market observations pointing to constructive price outlooks in similar flow scenarios.
Implications and risks
Concentrating more than 2 million ETH in a single treasury raises liquidity and volatility risks, especially in the event of large-scale sell-offs that could amplify price swings. Regulatory pressure could increase given the visibility and size of BitMine’s balance sheet, a factor noted among the risks tied to the strategy and its market footprint. Other firms may emulate the approach, potentially accelerating institutional adoption, with effects spanning ETH and ERC‑20 tokens linked to the Worldcoin strategy; the direct investment cited is $20 million in Eightco (OCTO).
Conclusion
BitMine now holds over 2 million ETH—about $9 billion—and has initiated a $20 million Worldcoin‑linked move via Eightco while maintaining its goal of up to 5% of ETH supply. Investors may watch the company’s treasury and BMNR shares as market conditions and regulatory frameworks evolve.
