Quick Takeaways
- BitMine now holds over 3.31 million ETH, valued at $13.7 billion, after buying 77,055 ETH last week.
- The company controls 2.8% of Ethereum’s circulating supply, more than triple its nearest rival.
- BitMine’s total crypto and cash reserves have hit $14.2 billion, with plans to reach 5% of ETH’s supply.
BitMine’s Ethereum Holdings Cross 3.3 Million ETH
BitMine Immersion has expanded its Ethereum treasury to more than 3.31 million ETH, valued at approximately $13.7 billion, following its latest purchase of 77,055 ETH since October 20.
According to the company’s Monday report, BitMine’s total crypto and cash reserves now stand at $14.2 billion. While it did not disclose the average buy price, the recent purchase is valued at roughly $319 million based on current market rates.
BitMine Controls Nearly 3% of Ethereum’s Supply
The firm’s holdings now represent nearly 2.8% of Ethereum’s total circulating supply of 120.7 million ETH, according to data from The Block. BitMine also holds 192 BTC worth $22.2 million, an $88 million stake in WLD treasury firm Eightco, and $305 million in unencumbered cash.
With this milestone, BitMine remains the largest Ethereum treasury company globally, surpassing Joe Lubin’s SharpLink and The Ether Machine, which hold 859,400 ETH and 496,710 ETH, respectively.
Backed by Leading Institutional Investors
BitMine counts Ark Invest’s Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera among its investors. The company aims to accumulate 5% of Ethereum’s circulating supply, or roughly 6.04 million ETH, in the coming years.
This positions BitMine as the second-largest crypto treasury firm overall, trailing only Michael Saylor’s Strategy, which holds 640,808 BTC valued at $74 billion.
Market Optimism Boosts Ethereum
BitMine’s acquisition follows a 3.1% weekly rebound in ETH prices, fueled by optimism over U.S.–China trade talks and a surge in short liquidations.
“Progress in trade negotiations between the U.S. and China is a clear positive for Ethereum and crypto broadly,” said Tom Lee, Fundstrat Managing Partner and BitMine’s Chairman.
Lee added that while crypto markets are often “uncorrelated” to equities, Ethereum tends to perform better in risk-on environments. He described current ETH levels as an “attractive risk/reward opportunity” given expectations of an upcoming Ethereum Supercycle.
BitMine Leads Crypto Treasury Trading
BitMine has also become one of the most-traded U.S. equities, with a five-day average trading volume of $1.5 billion as of October 24. That places it 46th nationwide, just behind Goldman Sachs, according to Fundstrat and Statista. “The combined trading volume share of BitMine and Strategy now represents 88% of all global digital asset treasury trading volume,” Lee noted. “We continue to lead in both crypto NAV growth and stock liquidity.”
