BitMine becomes the largest institutional Ethereum holder, adding 40,302 $ETH this week to reach 4,243,338 $ETH, about 3.52% of the circulating supply, valued at $12.33B.

BitMine Immersion Technologies, a New York–listed company chaired by Fundstrat’s Tom Lee, has quietly built one of the largest concentrated positions in Ethereum ever disclosed by a single entity.

In an update published on January 26, BitMine said it now holds 4,243,338 ether, giving the company control of roughly 3.52% of Ethereum’s total circulating supply.

At the time of disclosure, the position was valued at roughly $12 billion, making BitMine the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind Strategy Inc., formerly Strategy, which holds more than 700,000 bitcoin.