BitMine's ETH Buying Spree Reshapes Crypto Power Dynamics

BitMine Immersion Technologies (NYSE: BMNR), the largest Ethereum treasury firm, has added $200 million in Ethereum to its holdings, bringing its total ETH treasury to over 2.126 million tokens, valued at more than $9.2 billion. The purchase occurred in early Asian trading hours on Sept. 11, as ETH prices gained 3% to reach $4,440 amid broader crypto market recovery. This acquisition marked the second major Ethereum buy of the week for BitMine, following a purchase of 202,500 ETH on Monday.

According to Strategic ETH Reserve data, the two transactions by BitMine accounted for nearly the total amount of ETH bought by all treasury firms in the prior week. The firm’s aggressive purchases have reinforced its dominance as the largest corporate holder of Ethereum, significantly outpacing its nearest competitor, Sharplink Gaming, which holds approximately 837,000 ETH. This strategy is part of BitMine’s broader initiative to build a substantial ETH reserve, leveraging both stock and bond financing to secure additional digital assets.

The Ethereum price has shown a strong rebound, driven by renewed investor optimism and a rise in ETH ETF inflows. On Sept. 10, spot Ethereum ETFs recorded net inflows of $1.76 billion, with BlackRock iShares Ethereum Trust (ETHA) receiving the largest inflow at $74.5 million. Meanwhile, the ETH futures open interest has surged above $61.5 billion, reflecting heightened market activity. Popular crypto analyst Ali Martinez noted that the tightening of Bollinger Bands suggests a potential significant price movement is on the horizon.

In addition to its Ethereum purchases, BitMine has also made strategic investments to strengthen the Ethereum ecosystem. The firm recently announced a $20 million investment into Eightco Holdings Inc. (NASDAQ: OCTO), supporting the company's plan to acquire Worldcoin (WLD), an ERC-20 token that uses zero-knowledge proof to verify human identity. This move aligns with BitMine’s broader "Moonshot" strategy, which allocates approximately 1% of its balance sheet to investments that support Ethereum's growth and innovation.

BitMine’s stock has shown signs of stabilization after a 23% correction over the past month. On the weekly chart, BMNR shares are up 5% as of Sept. 11, bouncing from the $40 range. The firm's aggressive Ethereum buying spree appears to have generated renewed interest among investors, particularly as Bitcoin treasury purchases have slowed. In contrast to Ethereum, public firms made only four Bitcoin purchases this week, totaling around $60 million, according to Cointelegraph.

Despite the slower pace of Bitcoin purchases, several companies have still seen significant share price volatility following their crypto announcements. For instance, Hong Kong-based QMMM Holdings closed with an over 1,700% gain on Tuesday after announcing a $100 million plan to buy Bitcoin, Ethereum, and Solana, although its shares later declined sharply. Similarly, Eightco Holdings saw a 3,000% spike in its stock price following its plan to raise $270 million for Worldcoin, though its shares have since retreated.