BitMine Immersion Technologies Inc. (NYSE: BMNR) is trading around $53 on Monday, up over 5% intraday, as the company disclosed its Ethereum (CRYPTO: ETH) holdings have surpassed 2.65 million, cementing its position as the world’s largest ETH treasury.

The company reported total crypto and cash holdings of $11.6 billion, including 2,650,900 ETHvalued at $4,141 per token, 192 Bitcoin, $436 million in cash, and $157 million in “moonshot” equity investments such as Eightco Holdings (NASDAQ: ORBS).

This puts BitMine ahead of peers in Ethereum accumulation, controlling more than 2% of supply.

It ranks as the No. 1 ETH treasury globally and the No. 2 overall crypto treasury, behind Strategy Inc. (NASDAQ: MSTR), which owns roughly 640,000 BTC.

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Fundstrat data shows BMNR trades an average of $2.6 billion daily, ranking it the 26th most traded stock in the U.S., ahead of Visa Inc. (NYSE: V).

Support comes from prominent backers including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, and Galaxy Digital.

Fundstrat’s Thomas Lee, BitMine’s chairman, said Ethereum remains the firm’s primary treasury asset given its reliability and role as infrastructure for both AI and financial markets.

Lee reiterated the company’s long-term goal of acquiring 5% of ETH supply.

BMNR Key Technical Levels (Source: TradingView)

Technical analysis: BMNR stock is compressing inside a symmetrical triangle, holding above its 20-day EMA at $51.85, with the 50-day EMA at $47.06 reinforcing support.

A push above $56 could accelerate momentum toward $65–70, while a slip below $52 risks exposing $47 and potentially $38.

The RSI near 55 suggests neutral momentum, leaving scope for either a breakout or a breakdown as the price nears the apex.

BitMine’s accumulation of more than 2% of Ethereum supply shifts the narrative from trading flows to structural ownership.

By anchoring ETH on a public company balance sheet, the firm is effectively institutionalizing a portion of the asset that would otherwise circulate in open markets.

This alters liquidity dynamics, raises the floor for scarcity, and creates a new vector for equity investors to gain indirect Ethereum exposure.

For investors, BMNR is no longer just a mining or tech stock, it is evolving into a proxy vehicle for Ethereum’s monetary base.