BitMine Amasses 3 Million Ether, Becoming Largest ETH Treasury Holder
BitMine Immersion revealed in an official statement that as of October 12, it holds 3,032,188 ETH, representing an estimated value of $9.6 billion at current market prices. The company recently added 202,037 ETH to its portfolio during a period of market turbulence, leveraging price volatility to significantly expand its ETH position. The accumulation marks one of the largest single-entity ETH acquisitions in recent history and highlights a growing institutional shift toward ETH as a long-term digital asset.
Strategic accumulation amid crypto market volatility
The timing of BitMine’s purchase has drawn attention across the industry. The move followed a wave of liquidations that temporarily drove crypto prices lower, allowing the company to execute an aggressive purchaseing strategy valued at approximately $827 million. According to its official press release, BitMine’s total crypto and cash holdings now exceed $13.4 billion, a sum that includes BTC, stablecoins, and other digital assets.
By surpassing 3 million ETH, BitMine now controls roughly 2.5% of ETH’s circulating supply. Analysts interpret this as a major sign of institutional conviction in ETH’s long-term potential, particularly as the network continues to lead in decentralized finance (DeFi), layer-two scaling, and tokenization infrastructure. The company’s accumulation strategy mirrors the BTC-focused approach of Strategy Inc (MSTR), often dubbed the “corporate whale” of BTC. BitMine’s move effectively positions it as ETH’s equivalent, making it a central player in the digital asset treasury landscape.
Market reaction and institutional implications
Following the announcement, BitMine’s shares rose approximately 6.8% in ahead trading as investors reacted to the company’s expanded crypto reserves. The market response reflects a growing appetite for publicly listed companies with significant digital asset exposure, particularly those diversifying beyond BTC into ETH and related ecosystems.
Industry analysts suggest that BitMine’s ETH holdings could have broader implications for market liquidity. With more than 3 million ETH removed from active circulation, supply on centralized platforms may tighten, potentially influencing price dynamics over the coming quarters. Some analysts also point out that BitMine’s entry at this scale could encourage other institutions to adopt similar accumulation strategies, driving further corporate adoption of Ether.
The company’s latest report also highlights its focus on immersion cooling technologies for sustainable mining and blockchain infrastructure operations. This aligns with ETH’s post-Merge energy-efficient consensus model, making BitMine’s dual focus on infrastructure and accumulation strategically aligned with the network’s long-term trajectory.
As BitMine continues to expand its balance sheet with digital assets, its position as the largest ETH treasury holder underscores the increasing institutionalization of crypto markets. The firm’s move not only strengthens its financial foundation but also marks a milestone in ETH’s journey toward mainstream corporate adoption.
With over 3 million Ether now under management, BitMine Immersion stands at the forefront of institutional crypto accumulation, reinforcing ETH’s role as a core holding in the next generation of digital asset portfolios.
