BitMine Adds $321M ETH, Holds $13.8B in Ethereum Treasury

BitMine Immersion Technologies has significantly bolstered its cryptocurrency reserves with a massive $321 million Ethereum purchase over the past week. The company acquired 77,055 ETH during this period, bringing its total Ethereum holdings to 3.313 million tokens valued at over $13.8 billion. This strategic accumulation solidifies BitMine’s dominant position in the corporate Ethereum treasury race, far outpacing its closest competitor, SharpLink Gaming (SBET), which holds $3.58 billion in ETH.

The company’s cryptocurrency portfolio extends beyond Ethereum, maintaining 192 Bitcoin worth approximately $22 million alongside $305 million in on-hand cash reserves. This diversified approach positions BitMine as the second-largest overall crypto treasury behind only Strategy, which holds over $73 billion worth of Bitcoin. The recent ETH acquisition comes during a period of market recovery, with Ethereum climbing 3% over the last week to reach $4,166 and briefly touching $4,246 overnight—the highest price recorded by crypto markets data provider CoinGecko in two weeks.

BitMine’s substantial Ethereum investment coincided with a notable stock performance surge, with BMNR shares climbing more than 5% on Monday to reach $53.15. This dual momentum—both in cryptocurrency holdings and public market valuation—demonstrates the interconnected nature of crypto accumulation and investor confidence. The timing of BitMine’s announcement aligned with Ethereum’s weekend price recovery, creating a compounded positive effect on the company’s market position.

Market sentiment appears strongly bullish on Ethereum’s near-term prospects, with Myriad users—a product of Decrypt’s parent company Dastan—giving ETH an 80% probability of reaching $4,500 before potentially falling to $3,100. This optimistic outlook reflects broader market confidence in Ethereum’s recovery trajectory following what Tom Lee, BitMine’s chairman and Fundstrat Global Advisors co-founder, described as “the largest ever deleveraging in crypto” just weeks earlier.

Tom Lee provided crucial insight into the driving forces behind Ethereum’s resurgence, pointing to improving trade relations between the United States and China as a primary catalyst. “The progress in trade talks between U.S. and China is a positive for Ethereum and crypto broadly,” Lee stated. “These are global assets and rising tensions triggered the largest ever deleveraging in crypto a few weeks ago.” This perspective highlights how macroeconomic factors continue to influence cryptocurrency markets despite their theoretical independence from traditional financial systems.

Lee’s analysis through Fundstrat Global Advisors reveals an important nuance in cryptocurrency market behavior. While the fundamental value propositions of Ethereum and other cryptocurrencies remain “uncorrelated” to equities, historical data from the past 15 years shows that crypto assets tend to perform better when equities rise. This relationship suggests that cryptocurrencies function as “risk-on” assets through associated leverage channels, explaining their sensitivity to broader market sentiment and geopolitical developments.

BitMine’s aggressive accumulation strategy during this recovery phase demonstrates a calculated bet on Ethereum’s long-term value proposition. The company’s position as the dominant corporate Ethereum holder provides significant exposure to the cryptocurrency’s potential upside while establishing BitMine as a key player in the institutional cryptocurrency landscape. As corporate treasuries increasingly embrace digital assets, BitMine’s substantial ETH holdings position the company at the forefront of this emerging financial paradigm.