BitMine Executes Dip‑Buying, Buys 234K ETH

BitMine Immersion Technologies bought roughly 234,846 ETH last week, bringing its Ethereum treasury to about 2.65 million ETH valued at roughly $10.8–$11.0 billion. That holding represents just over 2% of circulating ETH and makes BitMine the largest publicly traded Ethereum treasury (and the second‑largest public crypto treasury overall behind MicroStrategy) as the firm pursues an eventual 5% stake. The company said the purchases were executed as a disciplined dip‑buying campaign, with an average cost basis near $4,026/ETH. Its disclosure shows roughly $11.6 billion in combined crypto, cash and strategic holdings—including about 192 BTC, $436 million in unencumbered cash and a roughly $157 million equity stake in Eightco—and its stock rose more than 6% on the announcement. Chairman Tom Lee described the accumulation as long‑term positioning to benefit from overlapping AI and crypto “supercycles” and highlighted regulatory developments such as the GENIUS Act and the SEC’s Project Crypto as potentially transformational.