BitMine Scoops Up 346,611 ETH to Boost Holdings to 2.4M ETH

BitMine Immersion Technologies (BMNR) has increased its Ether holdings during the recent pullback. According to a press release, the firm acquired 346,611 ETH in the latest transaction, valued at approximately $1.49 billion at the current market price.

BitMine Holds 2% of Ether Supply

This acquisition brings BitMine’s total Ether portfolio to 2,416,054 ETH, representing more than 2% of the network’s total supply. This significant holding places the company as the largest ETH treasury in the world and the second-largest crypto treasury. BitMine also holds 192 BTC, a $175 million stake in Eightco Holdings, and unencumbered cash of $345 million, according to the press release.

Bitmine chairman Tom Lee commented on exceeding the 2% of supply, highlighting that the company is moving closer to achieving its goal of 5% of the ETH supply.

“We approached holdings of 1% of ETH in early August when BitMine’s equity was $38 (20-moving average), and as we exceed 2%, BitMine’s share price is now over $61. As we mentioned in our August Chairman’s message, the convergence of both Wall Street moving onto the blockchain and AI/ agentic-AI creating a token economy is creating a supercycle for Ethereum. And the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH,” he stated.

Steady Ethereum Accumulation

Since adopting the Ethereum treasury strategy in June 2025, BitMine has consistently added to its ETH stash through several buys. The company views ETH as both a capital appreciation play and a utility asset with staking and protocol-level optionality. BitMine’s regular purchases demonstrate its confidence in the potential of the altcoin. It also sets a precedent for other companies to view ETH as a key treasury asset.

Earlier this month, Lee shared his bullish long-term view for Ether. He predicted that the asset would rise to $5,500 by mid-October, citing improving conditions for digital assets.

Meanwhile, Ethereum fell by roughly 5–6% today, aligning with the broader crypto market. The drop was driven by heavy liquidation of leveraged positions, which triggered a cascade of selling. Profit-taking and weaker investor sentiment after recent rallies added to the downside pressure. At press time, ETH was trading at $4,193, a 15.07% drop from its all-time high of $4,946.

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