- BitMine buys 82,353 Ethereum tokens, bringing holdings to 3.4 million.
- Crypto and cash treasury rises to $13.7 billion.
- BitMine reaches 2.8% of Ethereum’s supply, closing in on 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 disclosed a substantial increase in its Ethereum (ETH) reserves.
BitMine ETH holdings reach 3.4 million
BitMine’s growing commitment to Ethereum is evident after another sizable purchase.
Despite recent price declines, the publicly listed company has expanded its holdings to become one of the largest corporate crypto treasuries globally.
Thomas Lee of Fundstrat, who serves as BitMine’s chairman, noted:
“We increased our cash balance to $389 million (from $305 million) and purchased 82,353 ETH tokens in the past week, pushing our ETH holdings to 3.4 million, or 2.8% of the ETH supply. We are now more than halfway toward our initial ‘alchemy of 5%’ ETH target.”
BitMine now holds roughly 2.8% of Ethereum’s circulating supply, a milestone that puts the company past the halfway mark toward its 5% goal.
The company has accumulated ETH strategically over recent months, taking advantage of lower prices and a growing ecosystem.
Combined with its Bitcoin reserves of 192 BTC (valued at approximately $62 million) and $389 million in cash, BitMine’s total crypto and cash holdings now amount to about $13.7 billion.
Interest in ETH continues to grow
BitMine is among an increasing number of publicly traded firms diversifying beyond their core operations—including traditional crypto mining—as they expand into digital-asset strategies.
Wall Street has seen a notable rise in such strategic pivots, with several companies following the example that made another firm the world’s largest corporate crypto treasury.
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 drew billions into the asset, while corporate treasury strategies—especially those staking tokens such as ETH and SOL—have emerged as a next phase in digital-asset expansion.
BitMine’s milestone underscores Ethereum’s enduring appeal and may serve as a benchmark for other firms seeking comparable diversification.
Lee also argued that the recent price pullback provided a useful reset that could be important for Ethereum’s valuation.
“Crypto experienced the largest liquidation event in history on October 10, and open interest for ETH (per coinalyze.net) fell by about 45% over the past eight weeks—the biggest decline in ETH’s history. This reset is healthy and sets the stage for price and fundamentals to converge,” Lee said.
Ethereum traded around $3,622 on November 3, 2025, down 6% over the past 24 hours and 14% over the past week.