BitMine reaches 3M ETH tokens in ongoing accumulation

BitMine now commands an unprecedented 2.5% of all Ether, placing it in a league of its own. This concentration transforms the firm into a foundational pillar of the Ethereum network, with influence extending far beyond its balance sheet.

According to a press release dated Oct. 13, BitMine Immersion Technologies aggressively added 202,037 Ether (ETH) to its coffers during a recent market downturn, officially pushing its holdings past the 3.03 million token mark.

The company’s chairman, Thomas “Tom” Lee, stated the strategic acquisitions were a direct response to what he termed a “substantial discount to the future,” leveraging market deleveraging to accelerate its progress toward a stated goal of controlling 5% of the entire Ether supply.

Progress toward the 5% horizon

With 3.03 million ETH in its coffers, BitMine’s figure sits at about 2.5% of circulating Ether. To control 5% of Ethereum’s total supply, the company would need to acquire an additional 3 million ETH under current total supply and market assumptions, effectively doubling its current position.

This pursuit is backed by a formidable consortium of institutional capital, including ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital, providing the financial firepower for such an audacious long-term strategy.

Beyond its colossal ETH position, BitMine holds 192 Bitcoin, $104 million in unencumbered cash, and a $135 million stake in Eightco Holdings classified as “moonshots.” These assets sum, with its ETH position, to a total reported $12.9 to $13.4 billion in liquidity and crypto value.

On the equity side, BitMine claims significant momentum: its stock is now among the most heavily traded in the U.S. As of the latest five-day average, BMNR’s daily trading volume reaches roughly $3.5 billion, putting it at rank #22 among all U.S.-listed names, according to data from Fundstrat.