Bitcoin miner turned Ethereum treasury company BitMine Immersion Technologies has surpassed 2 million ETH in holdings, boosting its ETH treasury to a value of approximately $9 billion, the firm announced on Monday. 

BitMine (BMNR) now maintains holdings of 2,069,443 ETH, 192 Bitcoin (about $215 million worth), and $266 million in cash. 

“As we mentioned in our August chairman‘s message, the convergence of both Wall Street moving onto the blockchain and AI/agentic-AI creating a token economy is creating a supercycle for Ethereum,” said BitMine Chairman Tom Lee, in a statement. 

The firm also made its first strategic “moonshot” investment, investing $20 million in Eightco Holdings, an ecommerce company that is undertaking a digital assets treasury strategy centered on Worldcoin (WLD)—the native token of the World Chain network co-founded by OpenAI’s Sam Altman. 

The investment is its first as part of a strategy it says is like Google’s “Other Bets,” or relatively small investments that may lead to outsized returns. For the Ethereum treasury company, that means making “select investments in bold ideas that enhance Ethereum network value.” 

"BitMine wants to support and back innovative projects that create value for the Ethereum ecosystem. As an ERC-20 native token, World is aligned with Ethereum,” Lee said.

Amid news of the firm’s investment, shares of Eightco Holdings (OCTO) jumped more than 3,000 to $46.01 after the opening bell on Monday. 

Shares in BMNR are also up around 0.5 in early trading, now changing hands for $42.36. That mark is down about 18 in the last month, even as it has raced out to a commanding lead in ETH holdings among treasury companies. BitMine now holds well more than double the ETH of runner-up SharpLink Gaming, which holds $3.63 billion worth of Ethereum.

The firm’s current holdings now exceed more than 1.7 of the entire ETH supply, enough to keep its standing as the second-largest crypto treasury among all publicly traded companies. It only trails Bitcoin behemoth, Strategy, which maintains a Bitcoin portfolio of nearly $72 billion. 

Ethereum is up 0.7 to $4,328 in the last 24 hours, but remains more than 12 off the all-time high it created in late August. 

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