TLDR
- BitMine purchased 203,826 ETH worth $820M, bringing its total to 3.24M ETH.
- The company now holds 2.7% of Ethereum’s circulating supply.
- Chairman Tom Lee says Ethereum’s price dip offered a buying opportunity.
- BitMine’s BMNR shares rose 7% after revealing its latest Ethereum purchase.
BitMine Immersion Technologies has expanded its Ethereum treasury once again, revealing a purchase of 203,826 ETH worth about $820 million in the past week. The move strengthens BitMine’s position as the largest Ethereum-focused treasury company and comes as ETH trades near $4,000. Chairman Tom Lee said the buying aligns with the firm’s goal of reaching 5% of the total Ethereum supply.
BitMine Adds 203,826 ETH in One Week
BitMine disclosed its latest purchase in a company statement, confirming it now holds 3.24 million ETH. The recent acquisition adds to an aggressive accumulation strategy that has been ongoing since early summer. The company said its ether position now accounts for roughly 2.7% of the cryptocurrency’s total circulating supply.
Alongside Ethereum, BitMine also holds 192 bitcoin, $219 million in cash reserves, and $119 million in equity of Eightco Holdings. This brings its total combined crypto and cash holdings to approximately $1.34 billion. Market analysts noted that the latest accumulation further cements BitMine’s standing as a leading institutional holder of Ethereum.
Company Strategy and Market Conditions
BitMine has described its accumulation as part of a long-term Ethereum treasury model. Chairman Tom Lee said the company views Ethereum as a “truly neutral” blockchain with growing institutional appeal. “Given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” he stated.
Lee referenced the recent market volatility, describing last week’s major deleveraging event as an opportunity to acquire ETH at favorable prices. Ethereum dropped nearly 10% in October following that event, yet BitMine continued purchasing. The company said such conditions present value for long-term accumulation while supporting its treasury diversification goals.
Onchain Activity and Institutional Interest
Onchain analysts have observed multiple large Ethereum transfers linked to BitMine addresses in recent weeks. Last week, blockchain data showed an inflow of over 104,000 ETH to wallets associated with the firm during a brief market correction. Earlier this month, BitMine announced that its ether balance had already surpassed 3 million coins, indicating continuous accumulation throughout October.
Industry observers note that BitMine’s purchases reflect rising institutional confidence in Ethereum’s network security and staking model. The company has positioned itself as a major liquidity provider for Ethereum-based infrastructure, supporting validator operations and staking pools as part of its broader investment strategy.
Ethereum Price and Market Reaction
Ether traded around $4,000 on Monday, showing mild recovery after recent market pressure. Despite the downturn earlier in the month, Ethereum remains up substantially year-to-date. BitMine’s continued purchases could add momentum to market sentiment as institutional adoption grows.
Meanwhile, BitMine’s shares (BMNR) rose 7% in early U.S. trading following the announcement. The company’s consistent accumulation approach has drawn attention from investors tracking corporate crypto treasuries. As of now, BitMine remains the top Ethereum holder among public companies, and its expansion signals sustained confidence in Ethereum’s long-term value.
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