- BitMine purchases 82,353 Ethereum tokens, bringing its holdings to 3.4 million.
- Crypto and cash treasury totals $13.7 billion.
- BitMine reaches 2.8% of Ethereum’s circulating supply toward a 5% target.
BitMine Immersion Technologies, a leader in cryptocurrency mining and advanced cooling solutions, has significantly strengthened its position in digital assets.
The company revealed a substantial increase in its Ethereum (ETH) reserves.
BitMine’s ETH treasury reaches 3.4 million
BitMine’s growing commitment to Ethereum is evident after another buy-the-dip move.
Despite price pressure, the publicly traded company added to its holdings and has become one of the world’s largest corporate crypto treasuries.
Thomas Lee, chairman of BitMine and associated with Fundstrat, noted:
“Over the past week we increased our cash balance to $389 million (from $305 million) and acquired 82,353 ETH tokens, bringing our ETH holdings to 3.4 million, which represents 2.8% of ETH supply. We are now more than halfway toward our initial ‘5% alchemy’ ETH effort.”
With 2.8% of ETH’s supply now in its treasury, BitMine has passed the halfway point toward its 5% target.
Over recent months, BitMine has strategically accumulated ETH, taking advantage of lower prices and an expanding ecosystem.
Combined with bitcoin reserves of 192 BTC valued at $62 million and $389 million in cash, BitMine’s total crypto and cash holdings have risen to $13.7 billion.
Growing institutional interest in ETH
BitMine is among a growing number of publicly traded companies that are broadening their focus beyond traditional operations, including mining, as they diversify in response to wider adoption of digital assets.
Wall Street has seen a notable uptick in such shifts, with several firms following the treasury-focused approach pioneered by leading corporate crypto holders.
Analysts say BitMine’s move, alongside similar strategies from peers, reflects rising institutional interest in the sector.
The approval of Ethereum exchange-traded funds in 2024 attracted billions in assets, while corporate treasury strategies — especially those involving token bets like ETH and SOL — have emerged as a next phase of digital asset expansion.
BitMine’s milestone reinforces Ethereum’s enduring appeal and may set a benchmark for comparable firms seeking similar diversification.
Lee also said that the recent price reset may prove pivotal for Ethereum’s valuation.
“Cryptocurrencies experienced the largest liquidation event on October 10, and open interest on ETH (per coinalyze.net) fell by 45% over the last eight weeks — the largest decline in ETH’s history. This reset is healthy and sets the stage for price and fundamentals to eventually converge,” Lee commented.
As of November 3, 2025, Ethereum was trading around $3,622, down 6% over the prior 24 hours and 14% over the past week.