BitMine Immersion Technologies’ Ethereum treasury surpassed 4.066.062 ETH, marking the largest single corporate ETH holding and a focal point for institutional crypto strategy. The stash is valued at about $12.2 billion based on a Coinbase reference price of $2,991 per ETH.
BitMine reported total crypto, cash and “moonshot” holdings of $13.2 billion and 4.066.062 ETH, a position that makes it the world’s largest Ethereum corporate treasury and the second-largest corporate crypto treasury overall. The company holds roughly 3.37% of circulating ETH and added 98.852 ETH in the past week, a pace the firm describes as part of an “Alchemy of 5%” plan that targets acquiring 5% of total ETH supply.
The ETH balance was priced using a Coinbase reference and valued at approximately $12.2 billion; combined holdings bring the company’s balance sheet exposure to digital assets and cash to $13.2 billion.
BitMine funds the accumulation chiefly through equity issuance, including a $250 million PIPE, and maintains liabilities under $100 million, a structure the company contrasts with debt-heavy strategies used by some peers.
The firm’s stock, BMNR, has been highly volatile, with a more than 600% gain over six months followed by a 0.86% drop that reduced market value by about $116 million and set market capitalization near $13.35 billion. BMNR has at times traded at a discount to Net Asset Value (NAV); NAV is the per-share value of a company’s assets minus liabilities.
BitMine’s Ethereum treasury: scale and funding
Chairman Thomas Lee has framed the accumulation as a long-term, utility-focused play on Ethereum, forecasting upside scenarios — including a $62,000 price target — and describing the current phase as akin to “the ‘1971 moment’ for the US dollar.” The company plans to launch the Made in America Validator Network (MAVAN) in early 2026 to generate staking yield from its ETH holdings, converting part of the balance-sheet exposure into on-chain yield.
Market commentary has been mixed. Some analysts and AI models cited by the company acknowledge Ethereum’s network effects but urge caution on extreme price projections, while technical indicators referenced in market coverage signal ongoing selling pressure and the potential for further downside near $2,740. Short-term liquidity has cushioned the position: BitMine ranked among the more liquid U.S. stocks with average daily trading volume near $1.7 billion.
Critics such as Kerrisdale Capital have raised concerns about dilution risk tied to proposed share issuance, which investors are set to vote on at the 15 de ene. de 2026 annual meeting, and about execution risk in scaling validator operations.
The company reported unrealized losses of about $3.7 billion on ETH during recent price weakness, illustrating how concentrated crypto exposure can produce large mark-to-market swings. Leverage was not central to BitMine’s disclosed funding model; however, concentration amplifies both upside and downside for shareholders.
BitMine’s accumulation cements its role as a major institutional Ether holder and shifts the debate from whether corporate treasuries will hold crypto to how they will manage yield, governance and dilution risk.
