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BTC 
ETH Bitmine Immersion Technologies ($BMNR) shares rose about 6% in intraday trading on August 24 as its latest weekly financial report confirmed the company's status as the world's largest holder of Ethereum.
Ethereum Position Size
Bitmine currently holds 5,847,611 Ethereum units, with a valuation of approximately US$14.27 billion based on the Coinbase reference price of US$2,440 per unit. Its total cryptocurrency, cash, securities and "Moon Moon Project" investment portfolio reaches US$14.9 billion, with core assets of 5.85 million Ethereum and 210 bitcoins.
Large-scale pledge
Bitmine's Ethereum positions accounted for 4.8% of the total Ethereum supply of 120.7 million units. In addition, the company also holds a US$180 million stake in Beast Industries and a US$89 million stake in Eightco, allowing investors to indirectly enter the OpenAI space. Among its Ethereum holdings, 5,067,309 are currently in pledge, worth US$12.4 billion. The annualized rate of return on the 7th is 2.67%, and the expected annualized pledge income is approximately US$330 million.
Last week, Bitmine added 32,447 Ethereum units, worth approximately US$81.2 million at current prices, the largest weekly increase since early July. The purchase puts the company just about 187,000 units short of its target of holding 5% of Ethereum's total supply. Since launching its Ethereum financial strategy on June 30, 2025 (approximately 14 months ago), the company has been increasing its holdings in Ethereum every week.
Ethereum's rise and market trend
Ethereum traded at about $1900 last Wednesday, before soaring about 30%, briefly exceeding $2500, the largest weekly gain since May 2025. There appear to be two forces driving this trend: the return of capital inflows from Ethereum Spot ETF and an accelerated wave of short liquidations, which have combined to increase upward pressure.
Management believes that the ETH/BTC ratio will rise further in the current cycle and points to the development of Wall Street tokenization on the blockchain and the growth of proxy artificial intelligence as key drivers. Based on current supply, about 6.04 million Ethereum units are needed to reach the 5% target, which means Bitmine is still about 187,000 units short of the target.
