BitMine Immersion Technologies (NYSE: BMNR) has released its latest update on Ethereum (ETH) holdings. Led by chairman Tom Lee, BitMine has relentlessly accumulated 3.4% of the total supply of ETH in the past six months and strengthened its balance sheet, akin to a Strategy to fulfill its debt obligations.
BitMine Immersion Technologies (NYSE: BMNR) has released its latest update on Ethereum (ETH) holdings. Led by chairman Tom Lee, BitMine has relentlessly accumulated 3.4% of the total supply of ETH in the past six months and strengthened its balance sheet, akin to a Strategy to fulfill its debt obligations.
According to the holdings update on December 22, 2025, BitMine has accumulated more than $13 billion in crypto. The company reported that it now has 4,066,062 ETH, valued at about $12 billion at press time,
BitMine also 193 Bitcoin (BTC), which is valued at about $16.8 million. The company reported that it has a $32 million stake in Eightco Holdings (NASDAQ: ORBS). Meanwhile, BitMine has about $1 billion in cash, which serves a similar function to Strategy’s over $2 billion in cash reserves.
BitMine has reiterated its steadfast commitment to accumulate 5% of Ethereum’s total supply. Lee stated that BitMine has unwavering support from institutional investors, especially Wall Street firms.
“We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings,”
The company’s support from institutional investors, led by Ark Invest, is evident from the notable accumulation of its stock. In the past month, institutional investors have increased ownership of BitMine’s stock from 15 million to 95 million. Additionally, there are 359 long positions against two short positions.
As such, BitMine has continued to purchase more ETH amid choppy markets. For instance, on-chain data analysis from shows that BitMine bought 13,412 ETH, valued at over $40 million, on Monday.
The high institutional demand for , as evidenced by BitMine’s relentless accumulation, indicates that Wall Street is extremely bullish on ETH. Although the ETH price has dropped over 11% year-to-date, institutional investors have shown strong confidence in the altcoin’s future growth prospects.
Wall Street investors have remained bullish on ETH, primarily because of its regulatory clarity, which enables mainstream adoption of tokenization of real-world assets (RWA). According to Lee, BitMine has played a crucial role as a treasury company in bridging between Wall Street and the Ethereum ecosystem.
“We are a key entity bridging Wall Street’s move onto the blockchain via tokenization. And we have been heavily engaged with the key entities driving cutting-edge development in the defi community,” Lee added.
In the United States, the ongoing implementation of the Genius Act has helped Ethereum’s stablecoin market cap surge to over $166 billion. Ultimately, institutional investors are betting that ETH will outshine Bitcoin (BTC) in the near term, driven by the imminent enactment of the Clarity Act in the United States in 2026.
