BitMine Raises ETH Reserves to 3.4M (≈$12B), Shares Slide 8%
BitMine has expanded its Ethereum reserves by 82,353 ETH, lifting total holdings to 3.4 million ETH (≈$12 billion). The firm also holds 192 BTC, a $62 million stake in Eightco Holdings (the issuer of Worldcoin), and $389 million in cash. These Ethereum reserves now represent 2.8% of ETH’s total supply, making BitMine the largest corporate Ethereum investor and the second-largest crypto reserve behind MicroStrategy. As part of its Moonshot program, BitMine initially invested $20 million in Eightco’s $270 million PIPE. Backers include Bill Miller III, Cathie Wood’s Ark Invest, Peter Thiel’s Founders Fund, DCG, Galaxy Digital, Kraken, and Pantera Capital. Despite the asset boost, BitMine’s shares fell 8.12% to $42.86 amid market weakness, with a five-day average daily turnover of $1.5 billion. Management still targets holding 5% of Ethereum’s supply, viewing ETH as a major macro trade over the next decade.
Bullish
This news underscores growing institutional demand for Ethereum, with BitMine becoming the largest corporate ETH holder. The expansion of Ethereum reserves signals strong long-term confidence in ETH’s value, potentially driving price appreciation. While BitMine’s share price pulled back amid broader market weakness, the accumulation of 3.4 million ETH (2.8% of supply) highlights sustained buying pressure. In the short term, market sentiment may see minor volatility around equity performance, but the long-term outlook for ETH remains bullish thanks to large-scale corporate adoption and strategic reserve expansion.