What Bitmine’s 4m ETH Holdings Mean For Its Stock Valuation 2025

BitMine’s growing Ether holdings are reshaping how investors assess the company’s balance sheet, risk exposure and equity valuation.

Large market participants are steadily reducing exposure, creating sustained selling pressure across Bitcoin, Ether and XRP.

Global macro tightening, including Bank of Japan rate-hike expectations and muted reactions to Fed cuts, is weighing on risk appetite.

Buyer demand is weakening, with slower treasury accumulation and fewer aggressive dip buyers than in past cycles.

Bitcoin is testing critical long-term technical levels that have historically preceded extended drawdowns.

BitMine Immersion Technologies (ticker: BMNR) said it held 3,967,210 Ether (ETH) as of Dec. 14, 2025. Alongside its Ether position, the company disclosed holdings of 193 Bitcoin (BTC), a $38-million equity stake in Eightco Holdings (Nasdaq: ORBS) and $1 billion in cash.

Taken together, BitMine described its combined “crypto + total cash + moonshots” holdings as being worth roughly $13.2 billion-$13.3 billion at the time of writing.

The headline number of nearly 4 million ETH stands out immediately.

But what really matters is not just the size of the crypto pile; it’s how that pile compares to the value the public market assigns to BitMine’s stock.

For companies that primarily act as crypto treasuries, valuation discussions tend to start with a simple question: What is the crypto worth, and how does that compare to the company’s market capitalization once share count is factored in?

Source: CoinTelegraph