BitMine (BMNR) Stock: Ethereum Holdings Reach 2.8% of Total Supply After $320M Purchase

TLDR

• BitMine Immersion Technologies bought 77,055 ETH worth approximately $320 million, bringing total holdings to over 3.31 million ETH
• The company now owns 2.8% of Ethereum’s total supply, moving toward its target of 5%
• BitMine’s total holdings reached $14.2 billion, including crypto assets, equity stake in Eightco, and $305 million cash
• BitMine stock rose 4.5-4.9% on Monday while ETH climbed about 5% over the weekend to above $4,100
• The company now ranks as the largest corporate ETH holder and second-largest crypto treasury behind Strategy

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BitMine Immersion Technologies made another large Ethereum purchase last week. The company bought 77,055 ETH tokens valued at roughly $320 million at current prices.

The acquisition pushes BitMine’s total holdings past 3.31 million ETH. That represents about 2.8% of Ethereum’s entire supply.

Bitmine Immersion Technologies, Inc., BMNR

BitMine stock jumped 4.5% to 4.9% on Monday. Ethereum itself gained approximately 5% over the weekend, trading above $4,100.

The Las Vegas-based firm’s total holdings now stand at $14.2 billion. This includes the company’s Ethereum stack, 192 Bitcoin, an $88 million equity position in Eightco Holdings, and $305 million in cash.

BitMine Chairman Thomas Lee said the purchase reflects improving market conditions. He pointed to stabilization in crypto markets after a sharp deleveraging event earlier this month.

Lee cited better U.S.-China trade relations as a positive factor. He also noted that historically crypto performs well during equity market rallies.

Closing In on 5% Target

BitMine has been vocal about its goal to own 5% of all Ethereum tokens. The company refers to this strategy as the “alchemy of 5%.”

The firm increased its cash position from $219 million to $305 million. This gives BitMine flexibility for future purchases.

BitMine now holds the title of largest corporate ETH holder globally. It ranks as the second-largest crypto treasury overall.

Only Strategy sits ahead of BitMine in total crypto holdings. Strategy owns 640,418 BTC valued at approximately $73 billion.

Trading Volume Surges

BitMine has seen remarkable trading activity recently. The stock’s average daily dollar volume hit $1.5 billion over the past five days.

This makes BMNR the 46th most traded stock in the United States. The data comes from Fundstrat analysis.

The company has attracted attention from major institutional investors. Cathie Wood’s ARK, Founders Fund, and Bill Miller III are among the notable backers.

BitMine values its Ethereum holdings at $4,164 per token. The position represents the bulk of the company’s $14.2 billion in total assets.

The firm’s strategy centers on long-term accumulation rather than trading. BitMine positions itself as an Ethereum treasury company.

Ethereum traded at approximately $4,150 on Monday. The price movement helped boost the value of BitMine’s existing holdings.

BitMine stock performance has tracked closely with Ethereum’s price movements. The correlation makes sense given the company’s concentrated position.

The company disclosed its latest purchase came during the past week. BitMine continues to add to its position as market conditions allow.

The firm maintains its focus on Ethereum over other cryptocurrencies. Bitcoin represents only a small fraction of the company’s crypto holdings.

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