BitMine just made a big move in the crypto world. The company announced it bought another 234,846 Ethereum (ETH) tokens. This purchase pushes its total ETH stash past 2.6 million tokens. This makes BitMine the second-largest public holder of cryptocurrencies, sitting right behind Strategy.
Here are the key facts about this move:
- BitMine announced buying another 234,846 ETH.
- This raised their treasury to over 2.6 million ETH, worth more than USD $10.5 billion.
- Their holdings now make up about 2.2% of all ETH circulating.
- They are the second biggest public crypto treasury, after Strategy.
🚀 BitMine boosts its treasury to 2.6 million ETH
Just bought 234,846 ETH, valued at approximately 961.5 million USD
This represents 2.2% of the total circulating ETH supply
With total assets exceeding 11.6 billion USD, it… pic.twitter.com/igrcEyCiAj
— Diario฿itcoin (@Blaze Trends)
BitMine Immersion Technologies, a company led by Fundstrat co-founder Tom Lee, keeps a huge amount of cryptocurrencies. They just reported a big increase in their Ethereum reserves. This latest buy was for roughly 234,846 ETH. This is worth about $961.5 million. This purchase happened since their last update on September 22.
After this big acquisition, BitMine’s total ETH holdings now top 2.65 million tokens. These tokens are valued at roughly $10.8 billion. This makes BitMine the largest corporate holder of ETH worldwide. Their holdings represent about 2.2% of all the Ethereum tokens currently in circulation.
The Second Biggest Crypto Treasury
BitMine’s crypto portfolio is more than just ETH. The company also holds 192 Bitcoins (BTC), valued at $21.5 million. They have a $157 million stake in a treasury firm called WLD Eightco. On top of that, BitMine has $436 million in uncommitted cash. All these assets combined give the company a total value of over $11.6 billion.
This latest growth pushes BitMine to the number two spot for public crypto treasuries around the globe. They are only behind Strategy, a company run by Michael Saylor. Strategy holds more than 640,031 BTC, which is over 3% of the total Bitcoin supply. When it comes to just Ethereum, BitMine stands far above its rivals. SharpLink, led by Joe Lubin, holds 838,730 ETH. The Ether Machine holds 495,360 ETH. These numbers come from StrategicEthReserve.
“Ethereum is the Primary Choice,” Says Lee
BitMine trades on the New York Stock Exchange. The company used to focus on Bitcoin mining. But this year, they shifted their strategy. They started aggressively collecting ETH as their main reserve asset. This move shows a growing trend among public companies. More businesses are now adding cryptocurrencies to their strategic assets.
BitMine wants to own 5% of the total circulating ETH supply. That would mean holding about 6.04 million tokens. Their goal is to benefit from Ethereum’s long-term network growth. Tom Lee, who guides BitMine’s strategy, spoke about the changing role of cryptocurrencies in today’s investment world. He said that artificial intelligence (AI) and crypto are the two “supercycle” investment trends for the coming decades. He believes both need neutral public blockchains to work.
Lee explained that Ethereum is the clear choice for them. He pointed to its high reliability and 100% uptime. He added that the price of ETH offers a “discount to the future.” This justifies their focus on it as a main treasury asset. He thinks these major economic cycles will play out over many decades.
BitMine Grows with Institutional Backing
Many well-known institutional investors support BitMine. These include Cathie Wood’s Ark Invest, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. BitMine has also become one of the most traded stocks in the United States. In the five days leading up to September 26, its average daily trading volume was $2.6 billion. This made it the 26th most traded stock nationwide, ahead of Visa and just behind Marvell Technology. These figures are from Fundstrat and Statista.
According to Lee, BitMine is outpacing its peers. It’s growing the net value of its crypto assets per share quickly. It also has strong trading liquidity. Overall, major ETH treasury firms like BitMine and SharpLink collectively hold 5.26 million ETH. This is nearly 4.34% of the total supply. Analysts say this collection of ETH shows strong belief in Ethereum. They see it as a foundation for new ideas in AI and decentralized finance.
BitMine’s stock (BMNR) rose by 3.5% when the market opened on Monday. This happened as the price of ETH also climbed. ETH was trading at over $4,140 at the time this article was written, based on data from CoinGecko.