BitMine Expands Ethereum Holdings Above $9B

BitMine Immersion Technologies has significantly increased its Ethereum holdings by purchasing 46,255 ETH worth approximately $200 million from BitGo, bringing its total to over 2.1 million ETH valued near $9.3 billion. This latest acquisition reinforces BitMine's position as the largest public company holder of Ethereum, far surpassing the second-largest holder, SharpLink Gaming, which holds over 837,000 ETH. BitMine’s chairman, Thomas Lee, emphasized the company’s strategic goal to accumulate 5% of Ethereum's total supply, viewing ETH as a major long-term macro trade amid Wall Street's blockchain transformation. The company’s aggressive buying has contributed to shrinking exchange liquidity and a bullish supply outlook, with ETH's price rising over 2% recently to above $4,400. BitMine’s stock has rallied impressively, reflecting investor confidence in its crypto treasury strategy, while other firms like SharpLink Gaming show continued active treasury management. These moves come amid broader institutional interest in cryptocurrencies, highlighting a growing trend of corporate accumulation of digital assets.