BitMine Stock Surges 6% as Ethereum Holdings Hit a Staggering $11 Billion – But There’s a Catch

BitMine Immersion Technologies shares climbed more than 6% on Monday after the Las Vegas-based company disclosed another major expansion of its Ethereum (ETH) treasury.

The stock traded at $53.60 following the announcement, though it remained down nearly 4% over the past week.

The company reported holding 2.65 million ETH valued at $11 billion, alongside 192 Bitcoin worth roughly $21.6 million and $436 million in cash.

Total assets stood near $11.6 billion, strengthening BitMine’s position as the world’s largest publicly traded Ethereum treasury firm.

BitMine Overtakes Ethereum Rivals, Becomes World’s No. 2 Crypto Treasury After Strategy

The latest disclosure shows BitMine added 234,846 ETH over the past week, a purchase worth about $980 million. The buildup extends a series of acquisitions in September.

On September 19, blockchain records showed BitMine buying $69 million in ETH through Galaxy Digital’s over-the-counter desk, with 15,427 ETH settled in several coordinated transfers.

Earlier that month, the company received 46,255 ETH worth $201 million from BitGo on September 11 and 80,325 ETH worth $358 million from Galaxy Digital and FalconX on September 4.

The pace of accumulation has widened the gap between BitMine and its nearest rival, SharpLink Gaming, which holds $3.37 billion in Ethereum.

Globally, BitMine now ranks as the second-largest crypto treasury overall, trailing only StrategyInc., which controls about $72 billion in Bitcoin.

Company chairman Tom Lee, who also heads research firm Fundstrat, has repeatedly tied Ethereum’s role to what he describes as converging “supercycles” in artificial intelligence and cryptocurrency.

In a statement, Lee compared recent regulatory developments, including the GENIUS Act and the SEC’s Project Crypto, to the U.S. decision to abandon the gold standard in 1971, calling Ethereum the “premier choice” for neutral blockchains due to its reliability and uptime.

Still, the stock reaction shows a lingering divide between BitMine’s crypto expansion and shareholder sentiment.

Even after Monday’s jump, BMNR shares remain below last week’s levels, suggesting that enthusiasm around Ethereum accumulation has not fully translated into sustained market confidence.

Treasury data shows that BitMine now accounts for more than a third of all Ethereum held by corporate entities, with its stash representing nearly 35% of the group’s total.

The company’s rapid growth in reserves shows how aggressively it has moved into Ethereum, far surpassing both gaming firms and exchanges that also maintain on-chain balances.

At press time, Ethereum (ETH) was trading at $4,183, up 0.3% in the past 24 hours.

Institutions Hold $21B in Ethereum as Exchange Balances Hit 7-Year Lows

Ethereum’s market dynamics are shifting as institutional players increase their holdings and exchange balances fall to multi-year lows.

Treasury data shows that 69 entities collectively control 5.26 million ETH, worth about $21.1 billion, roughly 4.3% of the total supply.

Among the largest holders, BitMine Immersion Technologies accounts for 2.65 million ETH ($11 billion).

Other participants include SharpLink Gaming with 838,000 ETH ($3.4 billion), The Ether Machine with 495,000 ETH ($1.99 billion), and the Ethereum Foundation itself with 223,000 ETH ($899 million).

At the same time, ETH reserves on centralized exchanges have dropped to their lowest levels since 2016, according to CryptoQuant.

Analysts cite three drivers: investors moving assets into self-custody, shifting funds into staking, and relocating holdings into new wallets.

Outflows have now reached levels not seen since late 2022, when global liquidity tightening weighed on markets.

Price action has been volatile. ETH fell 6% in September but typically performs strongly in October, which has averaged nearly a 5% monthly gain, data from CoinGlass shows.

Analysts such as Marzell and Midas argue that Ethereum could mirror the bullish setup of late 2020, with potential for significant upside in Q4.

For now, ETH is consolidating between $4,000 and $4,100. Technical indicators show $4,100–$4,200 as resistance, while $4,000 remains a key support.

A sustained breakout above resistance could open the way toward $4,400 in the short term, though analysts warn the path is likely to include pullbacks as new support levels are tested.

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