BitMine Immersion Technologies has reportedly strengthened its corporate treasury by acquiring an additional 46,255 ETH, worth $201 million, according to blockchain intelligence firm Onchain Lens.
The acquisition was carried out through custodian BitGo and traced across three wallets, one of which has been identified as BitMine’s corporate treasury account. Although the company has yet to release an official confirmation, the transaction reflects its ongoing push to expand Ethereum reserves.
Expanding Ethereum Holdings
With this new purchase, BitMine’s total Ethereum stash now stands at 2,126,018 ETH, valued at roughly $9.3 billion. The company has publicly declared its goal of securing 5% of the overall ETH supply, a milestone that would firmly establish it as the world’s largest corporate holder of Ethereum. Currently, BitMine commands more than 1.5% of the circulating ETH supply.
A company spokesperson emphasized that its treasury growth relies exclusively on direct spot purchases. “All ETH acquisitions are spot purchases using cash,” the representative explained, making it clear that no leverage was employed to finance these transactions.
Broader Investment Strategy
Beyond building up Ethereum, BitMine has also taken part in targeted strategic investments. Earlier this week, the firm revealed a $20 million contribution to a $270 million private placement for Eightco Holdings (OCTO). Eightco is shifting its treasury strategy toward Worldcoin (WLD), and BitMine’s involvement signals its interest in ventures that encourage widespread crypto adoption.
This combined approach—massive ETH accumulation coupled with selective bets on emerging projects—demonstrates BitMine’s dedication to shaping the future of the digital asset landscape.
Market Reaction
Investor sentiment has leaned positive following BitMine’s aggressive treasury growth. Shares of BitMine (BMNR) on the NYSE closed at $45.6 after the report surfaced, registering a 2.24% gain for the day. Over the last six months, the stock has skyrocketed 714%, supported by investor trust in BitMine’s Ethereum strategy and the broader institutional trend toward crypto adoption.
Just one week before this $201 million purchase, Onchain Lens documented another BitMine acquisition—$65 million in ETH—finalized through six separate trades facilitated by Galaxy Digital’s over-the-counter desk.
Ethereum Supply Dynamics
BitMine’s aggressive acquisitions coincide with Ether reserves on centralized exchanges dropping to their lowest level in three years, with available supply shrinking 38% since 2022. This decrease has largely been driven by corporate treasuries and exchange-traded funds soaking up liquidity, creating greater scarcity in ETH supply.
Through a blend of large-scale spot purchases and strategic investments, BitMine continues to cement itself as a pivotal player in Ethereum’s institutional adoption. Its path forward indicates a lasting influence over both ETH market supply and overall investor confidence in the months ahead.
