BitMine ImmersionBMNR-- Technologies (BMNR) has further solidified its position as the largest institutional holder of EthereumETH--, acquiring 23,823 ETHETH-- worth approximately $103.68 million from BitGo. The transaction, tracked via on-chain data by Lookonchain, brings BitMine's total Ethereum holdings to 2.83 million tokens, valued at roughly $12.4 billion . This latest purchase aligns with the company's ambitious goal of accumulating 5% of Ethereum's total supply, a target it has repeatedly emphasized as part of its long-term strategy to position ETH as a core asset in its treasury .
BitMine's aggressive accumulation of ETH has positioned it as the second-largest crypto treasury globally, trailing only Michael Saylor's Strategy Inc (MSTR), which holds BitcoinBTC--. The company's total crypto and cash holdings now exceed $13.4 billion, including 2.83 million ETH, 192 BTC, and a $113 million stake in Eightco Holdings (ORBS) . This expansion underscores growing institutional confidence in Ethereum's utility, particularly as the network transitions to a proof-of-stake model and advances in decentralized finance (DeFi) and tokenization gain traction .
The recent influx of ETH into BitMine's treasury has coincided with broader market dynamics. Institutional activity has driven Ethereum's price to new cycle highs, with the asset surging over 21% in the past month. Staking activity has also surged, with 35.6 million ETH (nearly 30% of the total supply) locked in staking protocols following the SEC's decision to exclude liquid staking from securities regulations . BitMine's CEO, Tom Lee, has likened Ethereum's adoption phase to Bitcoin's trajectory in 2017, emphasizing its potential to become a foundational asset for Wall Street and AI-driven financial systems .
Despite BitMine's bullish strategy, the company faces skepticism from some market analysts. Investment firm Kerrisdale Capital recently announced a short position on BMNR stock, arguing that digital asset treasuries (DATs) have become outdated as direct ETH purchases and ETFs gain popularity. Kerrisdale contends that BitMine's stock trades at a premium to its net asset value (NAV), a model it claims is unsustainable in a competitive market . However, BitMineBMNR-- maintains that its high trading liquidity-ranked 28th in the U.S. by average daily volume-and strategic partnerships with institutional investors provide a unique edge .
BitMine's influence extends beyond mere accumulation. The company's large-scale transactions often trigger volatility in Ethereum's price, as seen in September when it withdrew 25,369 ETH ($107 million) from FalconX. Such movements reduce exchange liquidity, potentially driving prices higher as supply tightens. Analysts suggest that BitMine's actions reflect a broader trend of institutional players shifting toward long-term holding and staking, further consolidating their control over Ethereum's ecosystem .
Looking ahead, BitMine's success hinges on Ethereum's ability to deliver on its roadmap, including scalability upgrades and reduced transaction costs. The company's chairman, Tom Lee, has framed Ethereum's evolution as a "1971 moment" for digital assets, referencing the U.S. abandonment of the gold standard as a catalyst for modern finance. If Ethereum continues to attract institutional capital and regulatory clarity persists, BitMine's strategy could prove transformative-but risks remain tied to market volatility and evolving regulations .
Source: [1] Home | Bitminetracker.io (https://www.bitminetracker.io/)
[2] BitMine Receives $201 Million Ethereum Transfer, Expands ... (https://financefeeds.com/bitmine-receives-201-million-ethereum-transfer-expands-holdings-to-9-24-billion/)
[3] Ether Treasury News: BitMine (BMNR) Up 10% as ETH ... (https://www.coindesk.com/business/2025/08/11/bitmine-s-eth-holdings-near-usd5b-after-latest-purchase-bmnr-tops-big-names-in-trading-volume)
[4] BitMine Announces $13.4B Crypto Holdings, 2.83M ETH | ORBS ... (https://www.stocktitan.net/news/ORBS/bit-mine-immersion-bmnr-announces-eth-holdings-exceeding-2-83-stpfljmfzt8q.html)
[5] BitMine Buys $358M in Ethereum, Boosting ETH to $8.69B Holdings (https://www.fxleaders.com/news/2025/09/04/bitmine-buys-358m-in-ethereum-boosting-eth-to-8-69b-holdings/)
[6] BitMine Adds 23,823 ETH Worth $104 Million to Its Treasury (https://www.cryptotimes.io/2025/10/10/bitmine-adds-23823-eth-worth-104-million-to-its-treasury/)
[9] BitMine Adds $103M in Ethereum, Strengthening Largest (https://coincodex.com/article/74542/bitmine-adds-103m-in-ethereum-strengthening-largest-corporate-eth-treasury/)
[10] BitMine ImmersionBMNR-- (BMNR) Announces ETH Holdings Exceeding ... (https://www.morningstar.com/news/pr-newswire/20251006ny90737/bitmine-immersion-bmnr-announces-eth-holdings-exceeding-283-million-tokens-and-total-crypto-and-cash-holdings-of-134-billion)
[11] Bitmine Withdraws $107M Ethereum From FalconX Platform (https://coinlineup.com/bitmine-107m-ethereum-falconx-withdrawal/)
Comments
No comments yet