BitMine Boosts ETH Treasury to $13B With $823M Purchase

BitMine Immersion Technologies announced Monday that it has dramatically expanded its Ethereum holdings, purchasing 179,251 ETH worth approximately $823 million over the past week. This strategic acquisition brings the company’s total Ethereum treasury to 2.83 million ETH, valued at around $13 billion at current market prices. The timing of these purchases appears particularly astute, as the company acquired its ETH at an average price of $4,535 per token, significantly below Ethereum’s current trading price of $4,625.

The scale of BitMine’s Ethereum accumulation places it firmly ahead of its closest competitor, SharpLink Gaming, which holds approximately $3.85 billion worth of ETH. This positions BitMine as the undisputed leader in Ethereum treasury holdings globally. The company’s broader crypto portfolio also includes 192 Bitcoin valued at nearly $24 million, demonstrating a diversified approach to digital asset investment despite its primary focus on Ethereum.

The market responded enthusiastically to BitMine’s announcement, with BMNR shares rising more than 5% to $59.78 in Monday morning trading. This positive momentum continues a broader trend for the company’s stock, which has climbed 37% over the past month according to data from Yahoo Finance. The timing coincides with Ethereum’s own market performance, which has seen ETH jump nearly 13% over the last week according to crypto price aggregator CoinGekco.

Beyond its cryptocurrency holdings, BitMine maintains substantial traditional assets including a $113 million stake in Eightco Holdings and cash reserves of $456 million. This balanced approach to treasury management provides the company with significant financial flexibility while maintaining its core focus on cryptocurrency accumulation. The company’s overall crypto treasury value now ranks second only to Bitcoin giant Strategy, which holds $80 billion in BTC.

BitMine Chairman Tom Lee provided insight into the company’s strategic direction following meetings at Token2049 in Singapore. ‘The BitMine team sat down with Ethereum core developers and key ecosystem players and it is clear the community is focused on enabling Wall Street and AI to build the future on Ethereum,’ Lee stated in a press release. He emphasized the company’s continued confidence that ‘the two supercycle investing narratives remain AI and crypto.’

Market analysts appear to share this optimism, with Myriad users predicting an 86% likelihood that BitMine will reach 3 million ETH holdings by October 27. This projection, if realized, would represent another significant milestone in the company’s aggressive accumulation strategy. The prediction platform, which is a product of Decrypt’s parent company DASTAN, reflects broad market confidence in BitMine’s continued expansion of its Ethereum position.

The combination of strategic acquisitions, favorable pricing, and clear corporate vision positions BitMine as a dominant force in the institutional cryptocurrency space. As traditional finance increasingly intersects with blockchain technology, BitMine’s substantial Ethereum treasury and strategic partnerships place it at the forefront of what Chairman Lee describes as the ‘supercycle’ convergence of crypto and AI technologies.