Bitmine Immersion Technologies, the publicly traded company pursuing what it calls the ‘Alchemy of 5%’ of Ethereum’s total supply, said its combined crypto and cash holdings have reached $11 billion as it ramps up purchases amid the U.S.-Iran conflict.
Chairman Thomas Lee framed $ETH‘s recent performance as evidence of crypto’s resilience during geopolitical turmoil. He noted that $ETH has risen 18% since the Iran war commenced, outperforming equities, while gold, a traditional safe-haven asset, has fallen by more than 15%.
“Crypto is demonstrating itself to be a good ‘wartime’ store of value,” Lee said in the company’s weekly update.
As of March 22, Bitmine held 4,660,903 $ETH, representing 3.86% of $ETH‘s total circulating supply of 120.7 million. The company said it acquired 65,341 $ETH in the past week, an uptick from its prior weekly pace of 45,000–50,000 tokens.
Lee said the acceleration reflects his view that $ETH is in the “final stages of the ‘mini-crypto winter.'”
Bitmine launched its Ethereum treasury strategy in late June 2025, when the former Bitcoin miner raised $250 million in a private placement backed by Founders Fund, Pantera, Galaxy Digital, and others — sending its stock up nearly 700%. By August, the firm had surpassed $6.6 billion in $ETH holdings, becoming the world’s largest corporate Ethereum holder. It crossed the 2% supply threshold by September.
The company now claims the second-largest overall crypto treasury, behind Strategy Inc., which holds 761,068 $BTC valued at roughly $52 billion.
Bitmine also holds 196 $BTC, a $200 million stake in Beast Industries, a $95 million position in Eightco Holdings (ORBS), and $1.1 billion in cash.
Lee also pointed to momentum around the CLARITY Act, the crypto market structure bill that passed the House in July 2025 with bipartisan support. He cited Polymarket odds showing a 68% probability the legislation will be signed into law before year-end, calling it a “positive fundamental catalyst for Ethereum.”
The bill’s progress through the Senate has been slower, with stablecoin yield provisions emerging as the central sticking point between banks and crypto firms. President Trump has publicly pressured the banking industry over the dispute.
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