Ethereum-focused entity BitMine, associated with analyst Tom Lee, has accumulated one of the largest ETH positions in the market, now controlling roughly 3% of the total circulating supply. Earlier disclosures showed the firm holding about 3.72 million ETH with an average acquisition cost near $3,960 per ETH, implying sizable unrealized losses estimated around $4.2 billion at prior market prices. This aggressive accumulation has been viewed as a strong institutional bet on Ethereum despite pronounced price volatility. In its latest treasury update, BitMine reports crypto holdings totaling about $12.1 billion, led by 3,726,499 ETH purchased at an updated average cost basis of $3,943 per ETH. The most recent tranche of 96,798 ETH was acquired via Coinbase at approximately $3,008 per ETH, adding roughly $280 million in new exposure. Alongside its ETH position, BitMine holds 192 BTC, approximately $882 million in unencumbered cash, and a $36 million “moonshot” equity stake in Eightco Holdings (NASDAQ: ORBS). Based on its disclosed ETH stack, BitMine is now characterized as the second-largest corporate crypto treasury, trailing only MicroStrategy’s bitcoin-focused holdings in scale. [Update 1] This update adds BitMine’s latest treasury disclosure: total crypto treasury size (~$12.1B), detailed composition (3,726,499 ETH, 192 BTC, ~$882M cash, and a $36M Eightco equity position), the recent 96,798 ETH purchase at ~$3,008 via Coinbase, the refined average ETH cost basis of $3,943, and its new status as the second-largest corporate crypto treasury after MicroStrategy.