BitMine ups Ethereum holdings to 3.4M ETH, targets 5% supply
BitMine Immersion Technologies has increased its Ethereum treasury to 3.4 million ETH (about 2.8% of circulating supply) by acquiring an additional 82,353 ETH during recent market dips. The publicly listed mining and cooling solutions firm also boosted cash reserves to $389 million, bringing its total crypto and cash treasury to $13.7 billion, which includes 192 BTC and a stake in Orbs. Now halfway to its goal of holding 5% of Ethereum’s supply, BitMine’s buy-the-dip strategy highlights growing institutional adoption following 2024’s ETH ETF approvals and corporate treasury diversification into staking tokens like ETH and SOL. Traders should monitor institutional accumulation, ETF inflows and dip-buying signals as potential catalysts for medium-term price support and upside in the Ethereum market.
Bullish
BitMine’s substantial ETH accumulation—reaching 2.8% of supply and halfway to its 5% goal—signals strong institutional demand and bolsters market fundamentals. Coupled with increased cash reserves, stake diversification into Orbs and staking tokens like SOL, and the boost from approved ETH ETFs, this buy-the-dip strategy is likely to provide both short-term support on price declines and underpin a bullish medium- to long-term outlook for Ethereum.