Ethereum News Today: BitMine Accumulates Ethereum to Build AI-Blockchain Foundation

BitMine Immersion Technologies (BMNR) added $103.7 million in Ethereum (ETH) to its corporate treasury, further solidifying its position as the largest publicly traded entity holding Ethereum. The company acquired 23,823 ETH through a transfer from BitGo, according to on-chain data from Arkham and Lookonchain The Block^[10]. This brings BitMine's total Ethereum holdings to 2.83 million tokens, representing approximately 2.3% of the total Ethereum supply, valued at $12.4 billion at current prices Coindesk^[1]. The purchase follows a series of acquisitions in recent months, including a $1 billion ETH purchase in late September, which pushed holdings to 2.65 million tokens Coingape^[4].

BitMine's strategic focus on Ethereum is driven by its belief in the cryptocurrency's role in the convergence of blockchain technology and artificial intelligence (AI). Thomas Lee, co-founder of Fundstrat and chairman of BitMine, emphasized this during a recent statement, noting that Ethereum's "100% uptime and reliability" position it as a foundational asset for institutional adoption PR Newswire^[6]. The company aims to control 5% of Ethereum's circulating supply, a goal it has reiterated as part of its long-term treasury strategy FxLeaders^[5].

The firm's aggressive accumulation has outpaced competitors. BitMine now holds nearly three times the Ethereum reserves of its closest rival, SharpLink Gaming, which holds 838,730 ETH Coingape^[4]. It also ranks as the second-largest crypto treasury globally, trailing only MicroStrategy's $79 billion Bitcoin holdings Coindesk^[1]. BitMine's total assets, including Ethereum, Bitcoin, and cash, now exceed $13.4 billion, with $456 million in unencumbered cash reserves PR Newswire^[6].

The stock price of BMNR has mirrored the company's strategic momentum. Shares surged 9.68% to $62.14 on October 6, driven by growing investor confidence in its Ethereum-focused strategy FxLeaders^[5]. Over the past month, the stock has gained 37%, with a 6.5% increase following the latest Ethereum purchase FxLeaders^[5]. Despite short-term volatility, analysts maintain a bullish outlook, citing BitMine's liquidity and institutional backing from entities like ARK Invest and Galaxy Digital FxLeaders^[5].

Ethereum's price action has also supported the firm's strategy. The cryptocurrency rose 5.39% to $4,389 in the week following BitMine's purchases, outperforming Bitcoin and the broader market Coingape^[4]. Analysts attribute this to increased institutional demand and regulatory developments, such as the SEC's Project Crypto initiative, which Lee compared to the 1971 U.S. gold standard exit in terms of transformative potential PR Newswire^[6]. However, the price remains below its all-time high of $4,999, with technical indicators suggesting key support and resistance levels around $4,250 and $4,500 Coingape^[4].

BitMine's treasury strategy has broader implications for the Ethereum market. By removing a significant portion of the supply from circulation, the company may influence liquidity dynamics and price resilience. Institutional analysts note that corporate Ethereum holdings now account for 4.3% of the total supply, with BitMine controlling nearly 35% of that share Yahoo Finance^[8]. This concentration could amplify Ethereum's role as a reserve asset, particularly as decentralized finance (DeFi) and AI-driven smart contracts gain traction Marketchameleon^[3].