BitMine doubles down on Ethereum as ETH holdings hit 3.4 million – Crypto News – Crypto News
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BitMine doubles down on Ethereum as ETH holdings hit 3.4 million – Crypto News

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  • BitMine buys 82,353 Ethereum tokens as holdings reach 3.4 million.
  • Crypto and cash treasury stands at $13.7 billion.
  • BitMine hits 2.8% of the targeted 5% of the Ethereum supply.

BitMine Immersion Technologies, a leader in cryptocurrency mining and advanced cooling solutions, has significantly bolstered its position in the digital asset space.

The company has revealed a substantial increase in its Ethereum (ETH) reserves.

BitMine ETH holdings hit 3.4 million

BitMine’s increasing commitment to Ethereum is again evident following another buy-the-dip move.

Despite price declines, the publicly-listed company has bumped up its holdings to become the world’s second-largest corporate treasury strategy.

Thomas Lee of Fundstrat, and chairman of BitMine, noted:

“We increased our cash holdings to $389 million (from $305 million) and acquired 82,353 ETH tokens over the past week pushing our ETH holdings to 3.4 million, or 2.8% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”

BitMine now owns 2.8% of the ETH supply, a milestone that sees the company surpass the halfway mark of the targeted 5%.

BitMine has amassed its ETH holdings strategically over the past several months, capitalising on ETH’s low price and growing ecosystem.

When combined with its Bitcoin reserves of 192 BTC valued at $62 million, and cash of $389 million, BitMine’s overall crypto and cash holdings have surged to $13.7 billion.

Interest in ETH is growing

BitMine is among a growing number of publicly listed firms shifting away from their traditional operations, including cryptocurrency mining, as they diversify in response to broader digital asset adoption.

Wall Street has seen a marked increase in such pivots, with several companies aiming to emulate the approach that established Strategy as the world’s leading corporate crypto treasury.

Analysts note that BitMine’s move, along with similar strategies by peers, reflects rising institutional interest in the sector.

The approval of Ethereum exchange-traded funds in 2024 has drawn billions of dollars into the asset, while corporate treasury strategies — particularly those involving staking in tokens like ETH and SOL — have emerged as the next phase in the digital asset expansion.

BitMine’s milestone reinforces Ethereum’s enduring appeal, potentially setting a benchmark for peer firms eyeing similar diversification.

And Lee says the recent price dip offered a reset that could prove key for the Ethereum price.

“Crypto suffered its largest ever liquidation event on October 10th, and open interest on ETH (per coinalyze.net fell -45% in the past 8 weeks (the largest ever decline in the history of ETH). This reset is healthy and sets the stage for price and fundamentals to eventually converge,” Lee stated.

Ethereum’s price hovered at $3,622 on November 3, 2025, down 6% in the past 24 hours and 14% in the past week.

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