BitMine Immersion Technologies has increased its Ethereum holdings by 69,822 ETH, bringing its total to 3,629,701 ETH. This figure represents approximately 3% of Ethereum’s current circulating supply, making BitMine the largest Ethereum treasury globally.
The newly acquired ETH, purchased over the past week, was valued at around $195 million at the time of acquisition. Following the purchase, BitMine’s Ethereum reserves are now valued at roughly $10.2 billion, based on current ETH prices of approximately $2,850. Two weeks earlier, the same reserves were valued at over $12 billion before Ethereum experienced a nearly 30% price decline over the past month.
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Company Strategy and Cash Reserves
The acquisition happened as BitMine’s reported increase in unencumbered cash holdings, which rose to $800 million. Combined with its crypto assets and other investments, the company now manages an estimated $11.2 billion in total assets. These include 192 BTC and a $38 million stake in Eightco Holdings.
BitMine’s chairman, Tom Lee, reaffirmed the company’s long-term thesis on Ethereum in a recent statement, pointing to what he described as a favorable risk-reward ratio at current prices. According to the company, Ethereum’s downside is limited near the $2,500 range, while the long-term upside remains linked to what BitMine refers to as a potential “supercycle” for the asset.
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Market Context and Valuation Pressures
BitMine’s acquisition comes amid broader market pressures affecting digital asset treasury (DAT) firms. Several such companies have paused acquisitions or started selling assets to support share buybacks. BitMine has continued to accumulate instead.
Despite the expanded ETH holdings, the company’s stock (BMNR) has declined significantly, falling over 80% from its July high and losing 23% just last week. The stock now trades at a valuation below the company’s net Ethereum holdings, according to market data. BitMine has not disclosed how the recent ETH purchase was funded, though the rise in cash reserves suggests the company maintains capital flexibility.
BitMine also stated that it sees current ETH price levels as aligning with its previously anticipated downside range. The company expects a favorable long-term return profile should Ethereum recover, and continues to build its position as both an ETH holder and infrastructure participant. It is currently the second-largest crypto treasury overall – second only to Michael Saylor’s Strategy, which holds nearly 650,000 BTC.
