BitMine Immersion Technologies increased its Ethereum holdings last week, purchasing over 110,000 ETH during a market dip. The company now holds more than 3.5 million Ether, as it moves closer to its goal of controlling 5% of the total ETH supply.
Meanwhile, BitMine bought 110,288 ETH last week, spending around $389 million at an average price of $3,639 per token. The purchase raised its total Ethereum holdings to 3,505,723 ETH. The acquisition came as Ethereum dropped in value, trading at roughly $3,561 at the time.
The company increased its weekly ETH buying by 34% compared to the week before. BitMine now controls approximately 2.9% of the total ETH supply. The company’s Ethereum portfolio is currently valued at around $12.5 billion.
Company Seeks 5% of Total Ethereum Supply
BitMine has set a target of holding 5% of Ethereum’s total supply, which is about 120.7 million ETH. With its latest purchase, the company has taken another step toward that goal.
In addition to Ethereum, BitMine’s treasury includes 192 Bitcoin (worth roughly $20.2 million) and $398 million in cash. This makes BitMine the largest Ethereum-holding company globally, ahead of others like SharpLink Gaming, which holds about $3 billion worth of ETH.
Chairman Cites Buying Opportunity, Institutional Demand
BitMine chairman Tom Lee pointed to recent price movement as the reason for the latest accumulation.
“The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week,” said Lee.
He also noted growing institutional interest in blockchain and Ethereum, following a recent event co-hosted with the Ethereum Foundation at the New York Stock Exchange.
“Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors,” he said.
BitMine’s strategy continues to focus on long-term ETH accumulation, despite short-term market pressure. The company remains confident in Ethereum’s role in future financial infrastructure.
BitMine Stock Rises Despite Broader Market Drop
Shares of BitMine (BMNR) rose over 5% on Monday to $42.20. Despite recent gains, the stock is down nearly 20% over the past month, reflecting wider trends in the crypto market.
Ethereum’s price has fallen by around 13% over the last two weeks. However, a partial recovery began after news emerged that a potential U.S. government shutdown could be avoided. ETH rose slightly, gaining 0.6% in the past 24 hours.
BitMine’s steady purchases suggest the company is positioning itself ahead of future shifts in the Ethereum and wider crypto markets.
