BitMine Acquires 833,137 ETH, Creates Largest Ethereum Treasury
BitMine Immersion Technologies has bought 833,137 ETH (about $3 billion) over 35 days, establishing the largest corporate Ethereum Treasury. The acquisition, backed by investors Cathie Wood and Bill Miller III, was executed at an average price of $3,491.86 per ETH.
Alongside this record buy, BitMine approved a $1 billion stock repurchase plan to reinforce its Ethereum-focused treasury strategy. The company’s shares have surged over 650% since June, reflecting strong market confidence in its approach.
BitMine’s move leverages Ethereum’s network upgrades and expanding DeFi ecosystem, positioning the firm as a major staking participant. Analysts believe this record-sized Ethereum Treasury could reshape DeFi protocols, bolster staking pools and tighten circulating supply, influencing short-term volatility and long-term bullish momentum.
Bullish
A corporate purchase of 833,137 ETH significantly increases institutional demand and removes a large amount of supply from the market, supporting Ethereum prices. The record acquisition and stock buyback plan signal strong management confidence, likely attracting further institutional inflows. In the short term, trading volumes and volatility may rise as markets absorb the buy. Over the long term, enhanced staking participation and DeFi growth tied to this treasury position create sustained bullish fundamentals for ETH.