Corporate Treasury Giant BitMine Bolsters ETH Holdings with $201M Buy

BitMine Immersion Technologies has reportedly bolstered its corporate treasury with an additional 46,255 ETH, valued at $201 million, according to blockchain analytics platform Onchain Lens. 

The purchase was executed through custodian BitGo and traced to three wallets, one of which was identified as BitMine’s corporate treasury account. While the company has not issued an official statement confirming the acquisition, the transaction underscores its continued drive to expand Ethereum reserves.

Expanding Ethereum Holdings

The latest acquisition brings BitMine’s total Ethereum holdings to 2,126,018 ETH, worth an estimated $9.3 billion. The company has openly stated its ambition to accumulate 5% of the total ETH supply, a target that would solidify its dominance as the largest corporate holder of Ethereum globally. At present, BitMine controls over 1.5% of circulating supply.

A representative for the company confirmed that its treasury strategy is built entirely on spot purchases. “All ETH is spot purchases with cash,“ the representative said, clarifying that no leverage was used to finance acquisitions.

Broader Investment Strategy

Alongside its Ethereum accumulation, BitMine has also made selective strategic investments. Earlier this week, the firm disclosed a $20 million participation in a $270 million private placement for Eightco Holdings (OCTO). Eightco is repositioning its treasury toward Worldcoin (WLD), and BitMine’s backing highlights its interest in projects aligned with mass crypto adoption.

This dual approach of large-scale ETH accumulation combined with targeted investments in emerging projects illustrates BitMine’s long-term commitment to shaping the digital asset ecosystem.

Market Reaction

The market has responded positively to BitMine’s aggressive treasury expansion. Shares of BitMine (BMNR) on the NYSE closed at $45.6 following the report, marking a 2.24% daily increase. Over the past six months, the stock has gained 714%, fueled by investor confidence in its Ethereum strategy and the broader institutional shift toward digital assets.

Just a week prior to this $201 million purchase, Onchain Lens reported BitMine’s acquisition of $65 million worth of ETH, completed in six transactions through Galaxy Digital’s over-the-counter desk.

Ethereum Supply Dynamics

BitMine’s moves come as Ether reserves on centralized exchanges fall to a three-year low, with supply shrinking 38% since 2022. The decline has been driven by corporate treasuries and exchange-traded funds absorbing available liquidity, intensifying competition for ETH supply.

By combining large-scale spot purchases with strategic investments, BitMine continues to position itself as a central force in Ethereum’s institutional adoption. Its trajectory suggests an ongoing influence over both market supply and investor sentiment in the months ahead.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.