Lucía Peña
Ethereum-focused treasury firm BitMine Immersion Technologies (BMNR) has continued its large-scale accumulation of Ether (ETH), revealing the purchase of 203,826 ETH over the past week. The company’s total Ethereum holdings have now climbed to 3.24 million ETH, according to a recent disclosure.
The latest addition further strengthens BitMine’s position as the largest corporate Ethereum holder, representing roughly 2.7% of the total ETH circulating supply. Alongside its Ether stash, the firm also reported 192 Bitcoin, $219 million in cash, and $119 million in Eightco Holdings equity, bringing its total crypto and cash reserves to $1.34 billion.
BitMine’s announcement follows a series of high-volume ETH purchases throughout the month. On-chain analysts recently spotted a 104,000 ETH transfer to wallets associated with the company during a sharp market decline. Earlier this month, BitMine confirmed that its Ethereum balance surpassed 3 million, signaling its continued confidence in the asset’s long-term potential.
Chairman Tom Lee reaffirmed this stance, calling Ethereum a “truly neutral” blockchain poised for institutional adoption. Lee noted that BitMine’s long-term objective is to accumulate 5% of ETH’s total supply, underscoring the company’s conviction in Ethereum’s future dominance within decentralized finance.
Buying the Dip: “Attractive Risk/Reward Opportunity”
Despite Ether’s nearly 10% drop in October, following what analysts described as one of the largest crypto deleveraging events in history, BitMine sees the downturn as a strategic entry point.
“The crypto market experienced a historic liquidation wave last week, putting heavy pressure on ETH prices,” Lee said. “However, with the expected Ethereum Supercycle on the horizon, this temporary dislocation offers a compelling risk/reward profile.”
Market Reaction
As of today, Ether trades near $4,000, according to PRIME’s price data. Shares of BitMine Immersion Technologies (BMNR) climbed 7% following the announcement, reflecting renewed investor optimism in the firm’s aggressive accumulation strategy.
