Despite talk of a digital asset treasury “bubble burst,” BitMine boosts its Ethereum holdings to $11.7 billion, signaling strong institutional conviction.
While much of the crypto market reels from one of its sharpest sell-offs in months, BitMine Immersion Technologies has quietly added $1.5 billion worth of Ether (ETH) to its balance sheet. The aggressive move comes even as market strategist Tom Lee cautions that the digital asset treasury (DAT) boom may be entering a correction phase.
According to on-chain data from Arkham Intelligence, BitMine’s latest acquisitions — totaling 379,271 ETH across three separate purchases — occurred within days of the crash, reflecting a clear vote of confidence in Ethereum’s long-term trajectory.
BitMine’s Growing Ethereum Dominance
BitMine now controls more than 3 million ETH, or roughly 2.5% of Ethereum’s total supply, valued at $11.7 billion. This makes it the world’s largest Ether treasury company — already halfway toward its stated goal of holding 5% of all ETH in circulation.
The firm began its accumulation strategy in early July, when ETH traded near $2,500. Despite market volatility, BitMine’s approach has been compared to early corporate Bitcoin adopters, signaling a shift toward Ether as a reserve asset among digital treasuries.
“Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post-1971,” Lee said in a conversation with ARK Invest’s Cathie Wood, underscoring his continued bullish stance on Ether despite broader market weakness.
Speaking to CNBC on Friday, Lee said crypto investors are still “licking their wounds” from the recent liquidation wave but emphasized that leveraged longs are near record lows, suggesting a potential bottom.
Tom Lee speaking on CNBC on Friday.
Treasury Bubble or Opportunity?
Lee, however, warned that many DATs are now trading below their net asset value (NAV) — a sign that speculative hype may have peaked. “If that’s not already a bubble burst… how would that bubble burst?” he told reporters this week.
Research from 10x Research echoed his observation, noting that major treasuries such as Metaplanet and Strategy are hovering near or below their NAVs. Yet analysts added that firms with strong capital reserves and disciplined trading strategies could still “generate meaningful alpha” in the next phase of the cycle.
With the crypto market down 15% from its October 7 peak and gold slipping 3% from its high, BitMine’s accumulation signals a growing belief among institutions that Ethereum remains undervalued — even in crisis.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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