BitMine has dropped its latest holdings update for September 29, 2025.
The company now controls $11.6 billion in crypto and “moonshot” assets, strengthening its position as one of the most aggressive institutional players in digital assets.
The headline number is simple: 2,650,900 ETH. At today’s market price of $4,141 per token (CoinMarketCap), BitMine sits on $10.9 billion worth of Ethereum. That total makes BitMine the largest ETH treasury globally and the second-largest overall crypto treasury, trailing only MicroStrategy’s Bitcoin fortress.
In the past week alone, BitMine added 234,850 ETH to its balance sheet. The move signals continued conviction in Ethereum’s long-term role as a neutral settlement layer.
Chairman Thomas “Tom” Lee put it bluntly:
“As we enter the final months of 2025, the two Supercycle investing narratives remain AI and crypto. Both require neutral public blockchains. Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime. These two powerful macro cycles will play out over decades. Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH.”
While ETH dominates BitMine’s balance sheet, the firm also holds a modest position in Bitcoin: 192 BTC. At $113,048 per BTC (CoinMarketCap), that equals about $21.7 million.
The move looks small compared to Strategy’s Bitcoin empire. As of September 28, 2025, Strategy holds 640,031 BTC, acquired for about $47.35 billion at an average of $73,983. Its latest purchase? 196 BTC for $22.1 million, locking in an average buy price of $113,048.
BitMine’s portfolio isn’t only crypto. The company also maintains a $157 million stake in Eightco (NASDAQ: ORBS), a public equity position that rounds out its treasury profile.
Add to that a healthy $436 million in unencumbered cash, and BitMine’s war chest looks well-prepared for volatility.
The other story here is liquidity. BitMine is not just a crypto-heavy firm; it’s also a highly liquid stock in the US market.
According to Fundstrat research, $BMNR trades an average daily dollar volume of $2.6 billion (5-day average ending Sept. 21, 2025). That ranks it 26 among US-listed companies—just behind Marvell Technology ($MRVL, rank 25) and ahead of Visa ($VISA, rank 27).
Context matters: that’s out of 5,704 US-listed stocks (Statista + Fundstrat).
The depth of liquidity gets sharper when you zoom in on DATS (Digital Asset Treasury Stocks). Among 30 names, only MicroStrategy and BitMine dominate. Together, the two account for 84% of all DATS trading volume. BitMine alone represents 34% of the total.
BitMine’s aggressive ETH accumulation fits within a broader macro view. The company is betting that Ethereum remains the default execution layer for tokenized assets, AI integrations, and smart contract innovation.
With 2.65 million ETH on the books, BitMine has created a moat around its balance sheet that few corporates can match. Unlike MicroStrategy, which remains laser-focused on Bitcoin, BitMine is positioning itself as the Ethereum-first corporate treasury leader.
Lee’s comments highlight the thinking: ETH is not priced for its future. If AI and crypto do indeed define the next multi-decade cycle, the infrastructure layer that enables decentralized, neutral computation could see outsized demand.
BitMine now carries:
It also ranks as one of the most liquid stocks in the US—outpacing Visa in daily volume.
The broader takeaway: institutions are no longer dabbling. They’re building positions sized for long-term cycles. For BitMine, that cycle revolves around Ethereum.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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