BitMine’s ETH Reserves Top 833K on 5% Plan Amid Institutional Rally
BitMine Immersion Technologies (BMNR) has boosted its Ethereum reserves to 833,137 ETH (approximately $3 billion), solidifying its position as the largest publicly traded ETH holder. The company amassed these holdings in 35 days through a $250 million private placement, equity and convertible-bond financing, and a targeted “5% alchemy” buyback plan aiming to control up to 5% of Ethereum’s total supply. Institutional backers including ARK Invest, Miller Value Partners and Peter Thiel’s Founders Fund have fueled this rally, with ARK Invest alone acquiring over $52 million in BMNR shares since late July and now holding more than $140 million worth.
Combined with other institutional vehicles like SharpLink (498,000 ETH) and The Ether Machine (334,000 ETH), total institutional Ethereum reserves now approach 2 million ETH. BitMine has announced plans to launch ETH staking to enhance per-share net asset value, contributing to a 3% rise in its stock price to $32.70. This surge in institutional Ethereum reserves underscores growing confidence in ETH and signals a bullish outlook for the market.
Bullish
The announcement that BitMine has secured over 833,000 ETH, coupled with strong backing from major institutional investors and plans for ETH staking, indicates heightened confidence in Ethereum. In the short term, increased demand for ETH through BMNR buybacks and staking services may drive price appreciation. Over the long term, institutional accumulation and staking participation support network security and reduce circulating supply, which is typically bullish. Similar large-scale institutional entries in the past often preceded upward price movements.