BitMine Immersion Technologies, chaired by Tom Lee, has become the first strategic Ethereum reserve entity to surpass 1 million ETH holdings. As of mid-August 2025, the company holds approximately 1.297 million ETH, valued at around $5.77 billion, making it the largest Ethereum treasury worldwide and the third largest crypto treasury overall. BitMine's holdings represent about 1% of Ethereum's circulating supply. The firm has been aggressively acquiring ETH, adding over 135,000 tokens worth $600 million within a 10-hour period through institutional platforms including FalconX, Galaxy Digital, and BitGo. This accumulation occurred rapidly over the past 34 days. BitMine has filed to expand its at-the-market equity offering initially by $20 billion and later increased to $24.5 billion, aiming to further increase its Ethereum holdings to approximately 5% of the total supply. The company's stock, BMNR, is among the 25 most liquid in the U.S., with a daily trading volume of $2.2 billion, and is backed by investors such as Ark Invest, Founders Fund, and Pantera Capital. This move reflects a strong institutional bet on Ethereum's long-term value and market dominance amid broader market volatility.