BitMine, led by Tom Lee, has purchased another 202,000 ETH, bringing its holdings to 3.03 million ETH ($12.6 billion) — or 2.5% of the circulating supply of Ethereum.
BitMine Owns 3 Million ETH: Company Becomes World’s Largest Ethereum Vault
BitMine Immersion, a publicly traded company led by analyst Tom Lee, said its total ETH holdings have surpassed 3.03 million tokens — worth about $12.6 billion at current exchange rates.
The company purchased another 202,037 ETH last week, bringing its total crypto and cash holdings to $12.9 billion, according to an update on Oct. 12. The latest purchase is worth about $839 million at market value.
BitMine now holds about 2.5% of the entire circulating supply of Ethereum (120.7 million ETH), making it the largest corporate holder of ETH in the world.
The world’s second-largest crypto vault after MicroStrategy
According to SER, BitMine has surpassed giants such as Joe Lubin’s SharpLink (838,730 ETH) and The Ether Machine (496,710 ETH).
However, it is behind Michael Saylor’s MicroStrategy, which holds 640,250 BTC worth over $73 billion, or over 3% of the total supply of Bitcoin.
BitMine also holds 192 BTC ($22 million), $135 million in Eightco (the WLD token), and $104 million in cash assets.
Aiming for 5% of Ethereum’s total supply
BitMine is backed by institutional investors Ark Invest’s Katie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
The company has officially stated that it aims to own 5% of the circulating supply of ETH, or about 6.04 million coins.
“Volatility creates opportunities for investors at the expense of traders,” said Tom Lee, commenting on the purchase.
BitMine took advantage of the market crash
The purchase came after the price of ETH fell 11.5% in a week on fears of a new trade war between the US and China.
Overall, the market experienced the largest liquidation drop in history — more than $20 billion, as some altcoins temporarily fell to zero.
BitMine took advantage of the moment, buying ETH “at a discount to the future,” as Lee put it.
BitMine Stock Among Top 25 Most Active in the US
Among U.S. public companies, BitMine is now ranked 22nd by average daily trading volume ($3.5 billion over the past five days), ahead of even UnitedHealth, according to Fundstrat and Statista.
The company, which started as a mining operator, has now transformed into a strategic Ethereum vault, solidifying ETH’s position as the second most valuable digital asset after Bitcoin.
