BitMine Holds 2.8% of Ethereum Supply With $321M ETH Purchase

BitMine Immersion Technologies has solidified its position as the largest holder of Ethereum (ETH) globally, with over 3.31 million ETH valued at approximately $13.8 billion, representing about 2.8% of the total circulating supply. The company recently added $321 million worth of Ethereum to its portfolio, increasing its holdings by 77,055 ETH within a week, which signals strong confidence in Ethereum's long-term potential and upcoming network upgrades. BitMine also holds 192 Bitcoin worth around $22 million, $305 million in cash, and an $88 million equity stake in Eightco Holdings, reflecting a diversified asset base that supports both long-term accumulation and liquidity needs. Ethereum's price has rebounded recently, surpassing $4,200, influenced by improving geopolitical trade relations, especially between the U.S., Canada, and China, which BitMine’s chairman Thomas Lee highlighted as positive for the crypto market. Despite some outflows in Ethereum spot ETFs, institutional treasury firms like BitMine and SharpLink Gaming continue to increase their ETH reserves, demonstrating a long-term commitment to the network amid market volatility. BitMine's aggressive accumulation and diversified holdings position it as a key institutional player in the digital asset space, potentially shaping future institutional demand for cryptocurrencies.