Bitmine Immersion officially crossed the $12 billion mark in Ethereum holdings with its latest weekly top-up. On Jan. 26, the crypto-first treasury fund added 40,302 ETH, bringing its total holdings to 4,243,338 ETH — about 3.52% of the total supply in circulation.
This new milestone solidifies Bitmine’s position as the largest known institutional holder of Ethereum, surpassing the combined ETH reserves of several major ETFs.
At current prices near $2,909, the position is worth $12.33 billion. Over the past month, Bitmine acquired over 370,000 ETH through consistent weekly accumulation, with each batch ranging from 24,000 to 138,000 ETH, without triggering big price spikes. This suggests the use of over-the-counter execution or algo-managed slippage control.
The pace and size of the accumulation have fueled speculation that Bitmine may be positioning itself ahead of a potential ETH supply shock. With the staking supply locked at nearly 30%, some are modeling a Q2 repricing scenario in which the resistance zone could be $3,800-$4,400, should institutional demand converge with Bitmine’s lead.
The firm currently holds nearly 100 times more ETH than BTC, with only 192 Bitcoin in its portfolio, and its treasury allocation is 99.86% Ethereum. The latest announcement notes that the firm has not sold a single coin since the beginning this accumulation phase in Q4 of 2025.
What’s driving this?
Chairman Tom Lee recently hinted at an Ethereum-centric AI convergence thesis in Davos, calling ETH "the infrastructure backbone of Web3-AI capital flows." Whether it is hyperbole or forward-thinking, Bitmine's position is one of the most aggressive institutional crypto positions in history, rivaled only by early MicroStrategy in Bitcoin.
Tomiwabold Olajide
Gamza Khanzadaev
Godfrey Benjamin