BitMine Immersion Technologies (BMNR) ether (ETH) holdings rose to 2.65 million tokens, the company announced in a Sunday evening (U.S. hours) press release. That amount would be more than 2% of the total ETH supply, said the company.

Combined with 192 BTC, $157 million in «moonshot» equities, and $436 million in unencumbered cash, the company’s holdings were worth $11.6 billion.

The company’s total ether owned seemingly show a jump of around 200,000 ETH, or around $820 million, from its previous ether treasury update.

BitMine’s goal is to own 5% of all ETH. In the company’s words, the “alchemy of 5%” would position BitMine to benefit from Ethereum’s long-term network effects.

Tom Lee, Fundstrat’s head of research and BitMine’s chairman, described crypto as one of two “supercycle” investment narratives of the decade, alongside AI.

“These two powerful macro cycles will play out over decades. Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH,» he said.

Bitmine is currently the leading ETH treasury firm, far ahead of runner-up SharpLink Gaming, which holds 838,730 ETH according to StrategicEthReeserve data. In total, these firms hold 5.26 million ETH, or around 4.34% of its supply.

Shares are higher by 3% in premarket action alongside a weekend bounce in the price of ETH to $4,110.