Bitmine Ethereum holdings surge to 4.66M ETH as it buys 65K ETH
Bitmine Immersion Technologies (BMNR) keeps expanding its Ethereum (ETH) treasury. In a March 23 disclosure, the company reported 4,660,903 ETH after adding 65,341 ETH worth more than $138 million in the prior week—its third straight weekly ETH buy in March.
This follows a steady accumulation pace: BMNR bought 51,000 ETH in late Feb/early Mar (~$1,976/ETH), added 60,976 ETH around March 9 (~$1,965/ETH), then reached 4,595,562 ETH by mid-March after another weekly purchase of 60,999 ETH. The latest ETH acquisition was around $2,072/ETH.
After the newest buys, BMNR’s total crypto plus cash holdings rose to about $11 billion, including roughly $1.1 billion in cash. The firm is also reported as the largest ETH treasury globally, holding about 3.6% of Ethereum’s circulating supply; management targets expanding toward a 5% stake (near 6 million ETH). Bitcoin is still being added, but more slowly: BTC holdings rose to 196.
For traders, the key signal is persistent, large-scale corporate ETH accumulation that can support ETH demand and tighten near-term spot liquidity—potentially lifting sentiment even amid broader market uncertainty.
Bullish
BMNR’s ongoing Ethereum (ETH) treasury expansion is a direct, spot-style demand signal. The reported addition of 65,341 ETH (worth $138M+) on top of prior weekly buys increases the likelihood of near-term supply tightness in the ETH spot market. That can support ETH price and sentiment, especially when the broader market is uncertain.
Short term, repeated weekly buys can amplify buy-side momentum and help ETH resist downside if spot flows remain tight. Long term, sustained accumulation (with targets toward a ~5% circulating-supply stake) suggests continued institutional-like positioning, which can underpin a structural bid for ETH. The modest BTC increase is less likely to offset ETH-focused flows, so the net effect on ETH price dynamics remains positive.