BitMine Buys Additional $300M ETH, Now Holds $13.7B

BitMine Immersion Technologies (BMNR) has increased its Ether holdings with the latest purchase of 82,353 ETH worth approximately $300 million. This acquisition brings the firm’s total ETH portfolio to 3,395,422 ETH valued at about $13.7 billion based on current market prices.

BitMine Holds 2.8% of Ether Supply

The company now holds approximately 3.4 million ETH, representing approximately 2.8% of the total ETH supply. According to the press release, this accumulation brings it closer to its long-term goal of controlling around 5%.

In addition to holding ETH, BitMine’s balance sheet includes 192 BTC, $62 million stake in Eightco Holdings (“moonshot”), and roughly $389 million in unencumbered cash.

Consequently, the firm’s crypto stash makes it the second-largest corporate crypto treasury, trailing only business intelligence firm Strategy, which bought 397 BTC (worth approx. $45.6 million) earlier today. However, BitMine remains the world’s largest holder of Ether. By holding substantial cash and other assets alongside the ETH, the company appears to be balancing both opportunity and risk.

Confidence Through Crypto Volatility

The timing of Bitmine’s latest purchase is notable. The broader crypto market recently faced a sharp deleveraging event that dampened investors’ confidence. Despite this, BitMine pressed ahead with its accumulation, suggesting management sees opportunity in a period of stress. The company’s chairman, Thomas Lee, mentioned the decline, stating:

“Ethereum fundamentals continue to strengthen at an accelerating pace, with stablecoin supply on ETH rising >15% in the past 8 weeks and application revs reaching an all-time high (per defiLlama.com). Most of the time, price leads fundamentals, but at times fundamentals drive ahead, but price ‘converges higher.’ Crypto suffered its largest ever liquidation event on October 10th, and open interest on ETH (per coinalyze.net fell -45% in the past 8 weeks (the largest ever decline in the history of ETH). This reset is healthy and sets the stage for price and fundamentals to eventually converge.”

For investors and market watchers, BitMine’s strategy signals a clear shift in approach. The publicly listed company is treating Ethereum not just as a speculative asset but as a core treasury reserve. That may encourage other firms to consider similar allocations. As Bitmine presses forward with its goal of 5% share of ETH’s supply, it demonstrates its view of Ethereum in the broader financial landscape.

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