BitMine Snaps Up 97K ETH, Now Holds Over 3% of Supply

BitMine bought 96,798 ETH for $270M, raising its holdings to 3.73M ETH—over 3% of supply. Despite ETH’s price drop, BitMine continues buying, citing network upgrades and Fed policy as catalysts.

BitMine has significantly increased its Ethereum holdings, purchasing 96,798 ETH last week for approximately $270 million. This acquisition brings BitMine’s total ETH holdings to 3,726,499, representing over 3% of the total Ethereum supply and making it the largest Ethereum treasury globally. The company’s total assets, including crypto and cash, now stand at $12.1 billion. Despite a 30% monthly decline in ETH’s price, BitMine has continued to accumulate, citing upcoming network upgrades and anticipated Federal Reserve policy changes as key motivators. The firm’s average purchase price for ETH is $3,008, with the current value of its holdings at nearly $10.5 billion. BitMine’s stock fell over 8% following the latest purchase as ETH’s price dropped below $2,800, but trading volume surged, indicating strong investor interest. Institutional investors have expressed confidence in BitMine’s strategy, though some market participants are concerned about liquidity and potential volatility due to the large supply reduction. BitMine’s leadership emphasizes bridging traditional finance with the Ethereum ecosystem and plans to deploy its staking product, MAVAN, in early 2026.