u.today
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.