Tom Lee’s crypto treasury company Bitmine Immersion Technologies, has quietly built one of the biggest positions in the digital-asset world.
Bitmine has now amassed a $14.0 billion total Ethereum asset base amid a rapid accumulation of ETH tokens.
As of January 11th, Bitmine’s portfolio comprised about 4.168 million ETH, roughly 3.45% of the entire ETH supply, alongside a modest Bitcoin position, a small equity “moonshots” stake, and nearly $1 billion in cash on hand.
This colossal balance sheet places Bitmine among the largest corporate holders of crypto assets globally, and by far the largest Ethereum digital asset treasury (DAT) in the world.
Bitmine has been focused on Ethereum accumulation for more than a year. Throughout 2025, the publicly traded Nasdaq company steadily expanded its ETH treasury, growing from millions of tokens earlier in the year to over four million today, often using market pullbacks as buying opportunities.
Bitmine now holds nearly three-quarters of the way toward its self-imposed target of owning 5 percent of the total ETH supply, a benchmark the firm refers to as the “Alchemy of 5%.”
Says Lee,
“2026 augurs many positive things for crypto with stablecoin adoption and tokenization driving to make blockchain the settlement layer of Wall Street, particularly favoring Ethereum… We continue to view the leverage reset post October 10th, 2025 as akin to the ‘mini crypto winter.’ 2026 is the year crypto prices recover and with stronger gains in 2027-2028.”
“In the past week, we acquired 24,266 ETH and still managed to increase our cash position by $73 million. Bitmine only issues equity selectively and only at a premium to mNAV. We remain the largest ‘fresh money’ buyer of ETH in the world… And when MAVAN launches its commercial operations, we will be the largest staking provider in the entire crypto ecosystem.”
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