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BitMine Accumulates $800 Million of ETH Amid Market Weakness BitMine Accumulates $800 Million of ETH Amid Market Weakness

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BitMine Accumulates $800 Million of ETH Amid Market Weakness – Crypto News

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Major crypto treasury companies step up crypto holdings, as Greenlane announces a BERA treasury.

Corporate crypto treasury activity picked up this week, as major Digital Asset Treasury (DAT) companies boosted their holdings, while others forged new strategic partnerships.

Ethereum-focused BitMine Immersion Technologies Inc. (NYSE AMERICAN: BMNR) increased its ETH holdings by more than 203,000 tokens, worth more than $800 million, while Strategy Inc. (formerly MicroStrategy) added 168 Bitcoin (BTC) to its balance sheet.

Meanwhile, Greenlane Holdings unveiled a new initiative with the Berachain Foundation to build the first-ever corporate BERA DAT.

The moves highlight the continued evolution of corporate digital asset adoption, with DATs increasingly treating Bitcoin (BTC), Ethereum (ETH), and even newer tokens like BERA as balance-sheet assets.

BitMine Immersion Expands Ethereum Holdings

BitMine Chairman Thomas ‘Tom’ Lee said on Monday that the company purchased 203,826 Ether (ETH) last week, bringing its total holdings to 3,236,014 ETH – roughly 2.7% of Ethereum’s total circulating supply – at an average price of $4,022 per token.

“We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH,” said Lee, according to a press release.

Following the announcement, BMNR stock rose 7%, trading at $53. The company’s total crypto and cash holdings now exceed $12.9 billion, including positions in ETH, BTC, and various equity stakes.

This update comes just days after an Oct. 16 Fortune article quoted Lee saying the DAT bubble may have already popped.

More specifically, Lee said that around 80% of crypto treasuries are likely trading below their actual value. However, he noted this isn’t necessarily a crisis as companies can take steps to protect or convert their holdings.

The interview came as the broader crypto market plummeted on Oct. 10 and for several days after. ETH is currently trading around $3,946, down 2% on the day and 5.5% on the week.

Strategy Inc. Adds Bitcoin

Meanwhile, Strategy Inc. (NASDAQ: MSTR), the largest corporate holder of Bitcoin, acquired 168 BTC for $18.8 million on Monday, raising total holdings to 640,418 BTC, according to a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).

The move solidifies Strategy’s position as the leading corporate Bitcoin treasury. BTC is currently trading near $111,000, up 2% on the day but down 4% on the week.

Meanwhile, STRA shares are up 4% on the day to $300 following the announcement.

Greenlane and Berachain Launch BERA Treasury

In other DAT news, Greenlane Holdings Inc. (NASDAQ: GNLN) announced a $110 million private placement on Monday to fund its new BERA DAT, supported by the Berachain Foundation.

Greenlane is a global company that develops smoking accessories and vape devices, while Berachain is a Layer 1 blockchain that uses Proof of Liquidity consensus, with BERA serving as its native token.

The investment is led by Polychain Capital and includes other institutional and crypto investors such as Blockchain.com, Kraken, North Rock Digital, CitizenX, and dao5.

“I believe BERA’s key differentiation is its yield source – in contrast to historic PoS chains like Ethereum and Solana, BERA’s yield is fueled by the monetization of its block rewards,” said Ben Isenberg, incoming Chief Investment Officer of BeraStrategy. “I think there’s untapped potential in Berachain’s institutional growth as a whole.”

Following the announcement, GNLN shares fell 11.4% to $3.41, while the BERA token rose 7% to $1.99.

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