Ethereum
|3 min ReadTom Lee’s BitMine piles into ETH as holdings hit $9.2B
Carter Hayes
Senior Analyst
Published
Jan 16, 2026
BitMine Immersion just planted a flag. The company says its crypto and cash stack topped $9.2 billion. The engine is ether. The treasury now holds about 2.069 million ETH. That puts BitMine in the top tier for corporate crypto treasuries, second only to Michael Saylor’s Strategy by total size. Momentum is building, and it is building on Ethereum.
Here is the kicker. Last week the firm sat near 1.75 million ETH. Today the tally implies more than 319,000 ETH added. Rough math says around $1.4 billion of fresh ether. At current prices, their corporate stack is worth over $8.9 billion. Institutions are not waiting for permission. They are buying supply that will not come back easily.
Public-company ether treasuries are swelling. Totals tracked in recent weeks climbed to 2.78 million ETH. That pile is worth nearly $12 billion. It represents about 2.3 percent of circulating supply. Supply absorption matters. It tightens the spring.
The blueprint: buy, build, and signal
BitMine’s August playbook was simple. Keep buying ETH on schedule. One example was $65 million for 14,665 ETH. Then scale up. The pace tells you the conviction. The firm calls itself the world’s largest corporate ether treasury. The strategy launched this summer with a clear goal. Hold a long-horizon reserve tied to onchain finance adoption. Lean on growing infrastructure like spot ETH ETFs and corporate balance-sheet programs. Both absorb supply.
The company also put capital to work around the edges. BitMine invested $20 million into Eightco Holdings as part of a $270 million PIPE. Eightco plans to acquire Worldcoin’s WLD for its treasury. Worldcoin uses zero-knowledge proofs to attest that a user is human. In a world racing toward AI, that theme gets louder. BitMine framed this as part of its new “Moonshot” program. About 1 percent of the balance sheet will target projects that strengthen Ethereum and build long-term equity value.
Regulators are watching. Nasdaq is tightening scrutiny of issuers that raise cash mainly to buy digital assets. Listing and disclosure bars can rise. The big picture does not change. Demand is building from ETFs and treasuries. The rails are set. The buyers are bigger.
What this unlocks right now
Tom Lee is not shy. “We continue to believe Ethereum is one of the biggest macro trades over the next 10–15 years,” he said. He tied the bet to Wall Street and AI moving onchain. He says most of that transformation is happening on Ethereum. The firm’s ambition is blunt. Control at least 5 percent of ETH’s supply. That is about 6.3 million ether. Internally, they call it the “alchemy of 5%.”
Markets noticed. BMNR shares ticked up 3 percent on Monday after the disclosure. ETH hovered near $4,340. Prices did not have to rip for the signal to be loud. A balance sheet this size is a lighthouse. It tells other boards what is possible. It tells funds where the tide is going.
Here is the takeaway. Treasuries are scaling. ETFs are absorbing. Exchanges are watching. The path is clear for operators who move first. Strong hands buy supply and let time do the heavy lifting. If you believe in the next decade of onchain finance, this is your map. Very big. Very strong.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.