Crypto treasury giant now controls nearly 2.8% of Ethereum’s circulating supply after $319 million purchase
BitMine Immersion, the world’s largest Ethereum treasury company, has expanded its holdings to more than 3.31 million ETH, solidifying its position as the dominant institutional holder of the world’s second-largest cryptocurrency.
The company announced that it purchased 77,055 ETH in the past week, increasing its total crypto and cash reserves to $14.2 billion. At current market prices, the newly acquired Ether is worth approximately $319 million, pushing BitMine’s total ETH value to around $13.7 billion.
According to company disclosures, BitMine now owns nearly 2.8% of Ethereum’s circulating supply, estimated at 120.7 million ETH. The firm also holds 192 BTC valued at $22.2 million, alongside $305 million in cash and an $88 million stake in WLD treasury firm Eightco.
Institutional backing and strategic growth
Backed by major institutional investors including Ark Invest’s Cathie Wood, Galaxy Digital, Pantera, and Founders Fund, BitMine has publicly set a target of accumulating 5% of Ethereum’s total supply — roughly 6 million ETH at today’s count.
Its rapid growth has positioned it second only to Michael Saylor’s Strategy, which holds 640,808 BTC worth around $74 billion. Market data shows that BitMine’s stock ranks among the top 50 most traded U.S. equities, with an average daily trading volume of $1.5 billion, according to Fundstrat and Statista.
Macroeconomic optimism boosts Ethereum
BitMine’s latest acquisition coincides with renewed strength in the Ethereum market, which rose 3.1% last week amid optimism over U.S.-China trade negotiations and easing macroeconomic pressures.
“The progress in trade talks between the U.S. and China is a positive for Ethereum and crypto broadly,” said Tom Lee, Managing Partner at Fundstrat and Chairman of BitMine. He added that Ethereum’s performance tends to improve in ‘risk-on’ environments, where investor appetite for digital assets grows alongside equities.
Lee noted that current open interest levels mirror those seen when Ethereum traded near $2,500, calling the recent price dislocation an “attractive risk/reward opportunity” ahead of what he described as an Ethereum Supercycle.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.