BitMine Amasses 5.8 Million ETH as Ethereum Holdings Dominate Balance Sheet
BitMine Immersion Technologies has significantly expanded its Ethereum (ETH) holdings, purchasing an additional 10,399 ETH worth approximately $19.1 million over the past week. This latest accumulation brings BitMine's total ETH holdings to roughly 5.8 million, which represents about 4.8% of the network's total supply.
The purchases were made at an average price of around $1,840 per ETH. Crypto-focused outlets have highlighted BitMine as the market's largest corporate ETH treasury holder, a title that has contributed to its growing profile and visibility in the market.
As of August 2, BitMine reported approximately $11.3 billion in total assets across cryptocurrency holdings, cash, marketable securities, and what it described as a higher-risk 'moonshot' portfolio. The company's digital assets now account for a significant portion of its balance sheet, alongside more traditional components.
Despite its expanding ETH treasury, BitMine's equity has struggled to maintain momentum, trading around $17.00 to $17.30 in recent sessions. Chairman Tom Lee has attributed the Ethereum rally to a broader crypto market recovery, reinforcing the company's stance that steady weekly accumulation is geared toward long-duration value rather than short-term trading.
The approach mirrors that of other digital-asset treasury firms, but with ETH as the focal asset. This positioning allows BitMine to benefit from narratives tied to staking economics, decentralized finance activity, and the expanding tokenized-asset ecosystem.