BitMine Immersion Technologies, a former Bitcoin miner that now operates as an Ethereum treasury manager, said Monday it holds more than 2 million ETH. The company reported 2,069,443 ETH, 192 BTC (roughly $215 million) and $266 million in cash, valuing its ETH stash at about $9 billion.
Chairman Tom Lee framed the accumulation as part of what he called a “supercycle for Ethereum,” driven by institutional interest in blockchain and the rise of AI-driven token economies. In line with that view, BitMine completed its first strategic ‘‘moonshot’’ investment — a $20 million stake in public ecommerce company Eightco Holdings (OCTO), which is pursuing a treasury strategy focused on Worldcoin (WLD), an ERC‑20 token tied to the World Chain project.
News of the deal sent OCTO shares up more than 3,000% to $46.01 after the opening bell. BitMine’s own stock (BMNR) traded near $42.36 early Monday, up roughly 0.5% on the session but still about 18% below its level a month earlier. With its latest totals, BitMine holds more than 1.7% of the total ETH supply, making it the second‑largest crypto treasury among publicly traded companies and more than twice the ETH of runner‑up firms.
Why this matters: BitMine’s scale concentrates influence and exposure to Ethereum’s market moves, and its new venture‑style investments show a willingness to take high‑risk, high‑reward positions to boost network value. Investors should note concentration risk, token volatility and regulatory uncertainty around new projects like Worldcoin can quickly change outcomes.
Source: Decrypt. Read the original coverage for full details.