Bitmine Doubles Down on Ethereum Bet with $14.8B Treasury
Bitmine has significantly increased its Ethereum holdings, adding 28,086 ETH to its treasury last week. This brings its total Ethereum holdings to approximately $14.8 billion, making it one of the largest single bets on Ethereum in public markets. The company now controls about 5.93 million ETH, which represents roughly 4.9% of Ethereum's estimated 122 million supply.
Bitmine has staked 85% of its total Ethereum holdings, generating annualized staking revenue of around $330 million. Chairman Tom Lee believes that this scale makes Bitmine's accumulation record unusual among public companies and expects multiple positive catalysts for Ethereum in the final months of 2026.
Tom DeMark, a technical analyst and Bitmine capital markets adviser, sees the recent Ethereum price consolidation as constructive. He notes that ETH has been the best-performing major macro asset so far in the third quarter, outperforming the S&P 500 by 5,430 basis points through last Friday.
Lee also expects heavier institutional crypto buying in the final months of 2026, driven by regulatory progress, tokenization, and agentic AI. This could lead to a rise in the ETH/BTC ratio if Ethereum becomes the preferred settlement layer for tokenized Wall Street assets and AI-driven blockchain activity.