Key Facts

  • BitMine Immersion Technologies (NYSE: BMNR) reported total crypto, cash, and "moonshot" holdings of $14.3 billion as of Nov. 8, with Ethereum holdings at 6,070,092 ETH, or 4.97% of the token's supply.

  • Chairman Tom Lee cited Ethereum co-founder Vitalik Buterin's case for ETH as a "store of value" rather than a fee-burning token to back the firm's accumulation strategy.

  • BitMine added 9,587 ETH over the past week and has staked more than 5.2 million ETH through its MAVAN platform.

BitMine Immersion Technologies (NYSE: BMNR) reported total crypto, cash, and "moonshot" holdings of $14.3 billion as of Nov. 8, with Ethereum holdings at 6,070,092 ETH, or 4.97% of the token's supply.

Chairman Tom Lee cited Ethereum co-founder Vitalik Buterin's case for ETH as a "store of value" rather than a fee-burning token to back the firm's accumulation strategy.

BitMine added 9,587 ETH over the past week and has staked more than 5.2 million ETH through its MAVAN platform.

Buterin Frames ETH as Store of Value, Not Fee-Burner

In the post, Buterin argued that optimizing ETH for fee burning would be hard to reconcile with decentralization and censorship resistance, and that the token's value instead rests on those same properties, alongside open-source development, privacy, and security.

Inside BitMine's $14.3 Billion in ETH, Stakes, and Staking

BitMine valued its ETH at $2,234 a token as of Nov. 8, per Coinbase data cited in the release; ETH has since fallen to about $2,128, down roughly 5%. That pullback from the higher prices that prevailed through most of 2025 has left BitMine's position worth well below what it paid to build it.

BitMine calls itself the largest Ethereum treasury and the second-largest crypto treasury of any kind, behind Strategy (Nasdaq: MSTR), which held 850,364 BTC worth about $64.16 billion at cost as of its own Nov. 9 filing.