BitMine Expands Ethereum Treasury to 3.63M ETH, $10.2B
BitMine Immersion Technologies has expanded its Ethereum treasury through two recent acquisitions, buying 110,288 ETH at an average price of $3,639 and adding a further 69,822 ETH (~$205 million) last week. Its Ether holdings now total 3.63 million ETH, representing about 3% of the circulating supply and valued at $10.2 billion after a 27% market downturn. The firm, led by Tom Lee, maintains the largest corporate Ethereum treasury, outpacing SharpLink Gaming’s approximately $3 billion stake. BitMine also holds 192 BTC, $61 million in ORBS tokens, $38 million in Eightco Holdings, and $800 million in cash. Aiming for a 5% supply target ahead of an anticipated Ethereum supercycle, this move underscores strong institutional demand amid price weakness.
Bullish
BitMine’s large-scale acquisitions of ETH reduce available supply and signal strong institutional confidence in Ethereum’s outlook. In the short term, significant buying pressure may support price floors amid volatility. Over the long term, the firm’s push toward a 5% supply target ahead of an anticipated Ethereum supercycle demonstrates sustained demand and could underpin bullish market sentiment for Ether.