Bitmine Holds 5.39 Million ETH in Largest Corporate Ethereum Treasury
Bitmine Immersion Technologies (BMNR) held 5,390,404 Ethereum (ETH) tokens as of May 25, valued at roughly $11.5 billion at $2,134 per ETH. The figure, disclosed in a PR Newswire release, makes Bitmine the largest publicly disclosed corporate holder of Ethereum.
Total crypto and cash holdings stand at $12.3 billion.
Bitmine ETH Holdings Dwarf Corporate Rivals
The May 25 disclosure puts Bitmine’s ETH stack ahead of any other publicly traded company by a substantial margin. The holding represents roughly 0.45% of Ethereum’s entire circulating supply of approximately 120 million tokens.
Alongside the ETH position, the company reported 203 Bitcoin (BTC) tokens.
The ETH position is the dominant asset by far, accounting for more than 93% of total reported crypto value.
The announcement arrived as ETH traded near $2,134, well below the token’s 2024 highs above $4,000. Bitmine’s average cost basis has not been separately stated in any current disclosure.
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How Bitmine Got Here
Bitmine began life as an immersion-cooling cryptocurrency mining company before pivoting aggressively toward an ETH treasury strategy modeled loosely on MicroStrategy (MSTR)‘s Bitcoin (BTC) accumulation playbook.
MicroStrategy, which completed a $1.5 billion debt repurchase in May 2026, holds roughly 568,840 BTC as its primary corporate treasury asset and has become the template that several firms now follow for alternative assets.
SharpLink Gaming, another Ethereum-focused treasury company, is set to join the Russell 2000 and Russell 3000 indexes at the end of June 2026 after pursuing a similar ETH accumulation strategy. Bitmine’s scale, at 5.39 million tokens, is far larger than SharpLink’s reported position.
Staking, the process by which ETH holders lock tokens to help validate the Ethereum network and earn periodic yield, adds an income dimension to corporate treasury strategies of this type that pure BTC holders cannot replicate.
Also Read: SharpLink Joins Russell Indexes After ETH Accumulation Push
What Comes Next
Bitmine has not stated a target ceiling for its ETH position.
Any future disclosure that pushes holdings above 1% of circulating supply would likely draw scrutiny from governance participants and institutional observers. The company’s stock performance will increasingly track ETH price moves, amplifying both upside and downside relative to mining-focused peers.
With ETH down roughly 12% over the past month, the treasury carries a meaningful paper loss from recent accumulation levels.
Whether the strategy vindicates itself will depend on whether ETH recovers toward prior highs before any refinancing or liquidity events force a reassessment.
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