Daniel Walker
BitMine Immersion Technologies has recently added nearly 70,000 ETH, boosting its total Ethereum holdings to 3% of the circulating supply, the company announced on Monday. While the treasury remains the second-largest crypto fund globallyโbehind only Bitcoin-focused Strategyโrecent price declines have reduced the U.S. dollar value of its assets.
Currently, BitMineโs 3,629,701 ETH is valued at approximately $10.2 billion, down from over $12 billion just two weeks ago, as Ethereum trades around $2,800, reflecting a nearly 30% drop over the past month.
โThe recent downturn in crypto prices reflects limited liquidity since October 10th and ongoing weak price technicals,โ the firm stated. BitMine analysts had previously projected a near-term downside around $2,500, suggesting that the current price level offers asymmetric risk/reward, with limited downside of 5โ7% versus the potential upside from Ethereumโs long-term growth cycle.
Financial Performance and Shareholder Initiatives
In addition to expanding its crypto holdings, BitMine reported a net income of $328 million for the fiscal year ending August 31. The company also announced a dividend for shareholders, providing a more traditional investment return.
In July, BitMine became one of the first Digital Asset Trusts (DATs) to approve a share buyback plan, complementing its continued Ethereum purchases.
Additional Assets and Strategic Backers
Beyond Ethereum, BitMine holds 192 Bitcoin, a $38 million stake in Eightco Holdings, and $800 million in unencumbered cash. The companyโs investors include high-profile names such as ARKโs Cathie Wood, DCG, Founders Fund, Galaxy Digital, and Pantera, along with individual investors like Bill Miller III and Tom Lee.
