BitMine (BMNR) continues to expand its ETH portfolio, even as the market undergoes corrections and reaches local peaks. In just a few weeks, BitMine has quickly become the second-largest cryptocurrency treasury, competing with the BTC holding group. The company's founder, Tom Lee, announced this achievement as the company aims to purchase 5% of the total ETH supply.
Major milestone for @BitMNR $BMNR as the company is now the #2 largest crypto treasury in the World behind only @MicroStrategy $MSTR
👇 https://t.co/mWY9Mn3nlT— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) August 18, 2025
BitMine's treasury has expanded to $6.6 billion, with the potential for increased value if ETH continues to rise. With this asset base, BitMine has surpassed MARA Holdings, which holds $5.9 billion in BTC.
Investing in the potential of Ethereum
BitMine is also betting on the potential of Ethereum as a financial platform, capable of connecting with capital flows from traditional companies. Currently, Ethereum is widely used for tokenizing real-world assets (RWA) and other on-chain experiments.
According to Tom Lee, “We still believe that Ethereum is one of the biggest macro trades in the next 10-15 years. The shift of Wall Street and AI to blockchain will lead to a major revolution in the current financial system, most of which will happen on Ethereum.”
Asset accumulation and future strategy
Currently, BitMine still holds its ETH in the form of available liquidity tokens, but in the future, the company intends to use these assets to generate passive income. The company's ETH reserves are expected to expand to serve key features such as stablecoins and lending.
To date, BitMine holds 1.52 million ETH, up from the recent milestone of 1.2 million ETH. At the end of July, Cryptopolitan reported that the treasury had surpassed the $2 billion mark, and this growth continues at a rapid pace. Currently, the company is one of the most active cryptocurrency buyers, second only to Strategy (MSTR).
BitMine's treasury is also one of the exceptional cases because it can be publicly seen. A total of 1.17 million ETH is held in public wallets, with new purchases coming from Galaxy Digital and other OTC desks. BitMine actively discloses its ETH purchases, combined with a strong positive message.
Market position and growth
BitMine holds the largest position among ETH treasuries, currently holding 3.7 million tokens. However, the treasuries still cannot compare with ETF funds, which currently hold 6.5 million ETH, as well as traditional protocols with significant value locked for years.
BMNR's stock has made a rapid leap from a small BTC miner to one of the most actively traded companies in the U.S. BMNR's stock is currently trading at $55.49, down from a peak of $135 when the treasury was first announced. The stock has stabilized around the average as BitMine announced a series of purchases over six weeks.
As of August 18, BMNR is in the top 15 most traded stocks in the U.S., with a volume of $42.43 million, right behind MARA. Riot Platforms and TeraWulf are also prominent stocks, showing that the story of mining and treasury continues to attract attention.
BMNR is also expanding its treasury more aggressively than its competitor, SharpLink Gaming (SBET). SBET has rebounded to $20.52, but has stalled as the company has not made any new purchases since August 10.