BitMine has crossed a new milestone, building its Ethereum reserves to more than 2 million ETH and solidifying its role as the largest corporate holder of the asset.
The company announced on Sept. 8 that its balance sheet now exceeds $9.21 billion, split between holdings of 2,069,443 ETH, 192 Bitcoin, and $266 million in cash.
These significant holdings now make it the second global treasury company behind the Bitcoin-focused Strategy Inc (MSTR), which owns 636,505 BTC valued at $71 billion.
Moreover, data from the Strategic ETH Reserve shows that BitMine’s holdings surpass the combined total of the next five largest Ethereum treasuries. SharpLink Gaming comes second with 837,230 ETH, while The Ether Machine holds 495,360 ETH.
BitMine’s Ethereum strategy
Chairman Thomas “Tom” Lee explained that BitMine views Ethereum as a cornerstone of the next decade in financial markets. He pointed to Wall Street’s growing blockchain adoption and the rise of agentic artificial intelligence as key forces driving demand.
According to him, these developments are creating a structural “supercycle” for Ethereum to thrive and “lead a greater transformation of today’s financial system.”
As a result, the firm has set a long-term target of owning 5% of the total ETH supply. With its current holdings close to 2%, BitMine has already covered nearly 40% of that path.
Meanwhile, BitMine’s Ethereum-heavy activities have lifted its profile on Wall Street.
According to Fundstrat, the company’s stock trades an average daily dollar volume of $1.7 billion, ranking 30th among all US-listed equities.
That places it between Bank of America (29th) and Exxon Mobil (31st), signaling how crypto-linked equities are increasingly competing with traditional blue-chip stocks for liquidity.
‘Moonshot Strategy’
As part of its commitment to the Ethereum ecosystem, BitMine has announced a “moonshot strategy” that would see it deploy 1% of its balance sheet to ecosystem investments into projects designed to expand the blockchain network’s utility.
According to the firm, Eightco Holdings will be the first recipient of this capital infusion. The company received $20 million to build a treasury around the Sam Altman-founded Worldcoin (WLD) identity-focused project.
Lee explained that Worldcoin’s zero-knowledge Proof of Human credential is an innovation that could strengthen digital trust and safety across technology platforms.