BitMine Immersion Tech Boosts Holdings to $13.4B – What’s Driving the Accumulation?

BitMine Immersion Technologies, a Bitcoin and Ethereum network company focused on long-term crypto accumulation, has announced total holdings of $13.4 billion, including crypto, cash, and equity stakes in what it calls its “moonshots” portfolio.

In an announcement, BitMine said of October 19 at 6:30 p.m. ET, its holdings comprise 3,236,014 ETH, valued at $4,022 per ETH, 192 BTC, an $119 million stake in Eightco Holdings (NASDAQ: ORBS), and $219 million in unencumbered cash. The company’s growing balance sheet shows its expanding role as one of the largest institutional crypto holders globally.

BitMine Becomes the #1 Ethereum Treasury

BitMine now ranks as the world’s largest Ethereum treasury and the second-largest overall crypto treasury, behind only Strategy Inc. (MSTR), which holds 640,250 BTC valued at approximately $69 billion. The company’s recent acquisition of 203,826 ETH over the past week boosted its total to 3.24 million ETH—representing roughly 2.7% of the total Ethereum supply.

“The crypto market saw one of its largest deleveraging events ever last week, putting downward pressure on ETH prices,” said Thomas Lee, Chairman of BitMine and Managing Partner at Fundstrat.

“Given the expected supercycle for Ethereum, this price dislocation represents an attractive risk/reward. We are now more than halfway toward our goal of the ‘alchemy of 5%’ of ETH.”

Regulatory Shifts Mirror Financial Turning Points

Lee drew parallels between current U.S. policy shifts and the 1971 decision that ended the Bretton Woods system, which unpegged the U.S. dollar from gold. He noted that the GENIUS Act and the SEC’s Project Crypto could similarly transform modern finance, laying the groundwork for new digital asset infrastructure comparable to the Wall Street modernization that followed in the 1970s.

“These are catalysts that will define the next generation of financial titans,” Lee said. “We believe crypto assets will prove to be better long-term investments than gold—just as equities were post-1971.”

Trading Volume and Institutional Momentum

BitMine has also become one of the most actively traded stocks in the U.S., with an average daily dollar volume of $2.1 billion over the past five days, according to Fundstrat data. That places the company #33 in U.S. trading activity, between Costco and Eli Lilly.

“BitMine continues to attract institutional investor capital as our high liquidity is appealing,” Lee added. “Together with MSTR, our combined trading volume represents 88% of global DAT trading activity.”

Ethereum Price Action

Ethereum (ETH) is trading at $4,037, up 1.8% over the past 24 hours, as the market stabilizes following last week’s deleveraging event. The second-largest cryptocurrency by market capitalization has held above the key $4,000 psychological level despite recent volatility.

Over the past few months, ETH has fluctuated between $3,200 and $4,800 mirroring broader risk sentiment and liquidity shifts in digital assets. After a sharp correction in early September, ETH found strong support near $3,600 and has since rebounded steadily.

On the weekly chart, the current consolidation near $4,000–$4,100 suggests potential accumulation, with bulls eyeing a breakout above $4,400 resistance to resume the uptrend. A sustained close above that level could open the door toward retesting the yearly high near $4,800, while failure to hold $3,800 may invite further downside pressure.

Market analysts note that institutional ETH accumulation, including BitMine’s recent purchase of over 203,000 ETH, could support medium-term price strength amid expectations of an Ethereum “supercycle” driven by on-chain yield, tokenization, and post-ETF inflows