Bitmine adds 12,535 ETH as treasury reaches 6.04 million tokens

Bitmine's pivot to an Ethereum treasury mirrors the Bitcoin playbook Michael Saylor's Strategy began in 2020, buying weekly with equity and debt proceeds and publishing holdings as a corporate scoreboard. Chairman Tom Lee has run that program since mid-2025, and the stash has now cleared six million ETH, a threshold no other public company treasury has reached for any single token beyond Bitcoin.

Shareholders in BMNR are effectively buying a leveraged, non-custodial proxy for Ether, since the company keeps accumulating 12,535 ETH-sized weekly tranches regardless of price direction. That means investors must track the gap between the stock's market value and the $15.1 billion of underlying crypto, cash and securities, a figure that fell from $16.2 billion a week earlier even as the token count rose.

Marking a treasury at $2,365 per ETH one week and a different Coinbase print the next exposes how sensitive these corporate balance sheets are to short-term price swings, unlike a bank holding bonds to maturity. Tom Lee's own framing of 'macro and tech headwinds' around the latest disclosure is a fair acknowledgment that accumulation strategies can keep growing in token terms while shrinking in dollar terms.