BitMine Immersion Technologies, once known as a crypto mining company, has strengthened its position as a leading Ethereum treasury holder with another major acquisition this week. The firm added 46,255 ETH valued at around $200 million, further boosting its already massive stash of Ether.
Key Highlights
- BitMine bought 46,255 ETH worth nearly $200 million.
- Its total Ethereum treasury now stands at 2.116 million ETH, valued above $9.2 billion.
- Public companies combined hold about 3.62 million ETH.
According to blockchain tracking data, BitMine completed the purchase in three separate transactions through a digital asset custodian. This latest move brings the company’s weekly ETH allocation to more than $250 million, following its earlier addition of over 202,000 ETH worth $881 million.
BitMine’s Growing Ethereum Treasury Leadership
As of September 11, BitMine holds 2.116 million ETH, representing nearly 1.75% of Ethereum’s circulating supply. This makes it the largest public holder of Ethereum worldwide. The company has also outlined an ambitious long-term goal of accumulating 5% of the total ETH supply.
Since shifting to an asset-light strategy in June focused on capital markets and staking yields, BitMine has rapidly expanded its Ethereum holdings. The approach has proven successful — its share price has skyrocketed by almost 970% since adopting its Ethereum treasury plan.
Institutional backing remains strong as well, with major investors such as Ark Invest owning over 6.7 million shares in the company. To reinforce its long-term growth plans, BitMine also added David Sharbutt, a seasoned executive with infrastructure expertise, to its board in August.
Competition in the Ethereum Treasury Race
BitMine is leading the charge, but other public firms are also increasing their ETH reserves. Companies like SharpLink Gaming, The Ether Machine, and Bit Digital have all made notable Ethereum allocations recently. Altogether, public companies now control about 3.62 million ETH, underscoring the rising institutional confidence in Ethereum’s long-term value.
