Bitmine Bolsters Ethereum Holdings with $16 Billion Acquisition

Bitmine Immersion Technologies has continued to bolster its Ethereum (ETH) holdings. The company, formerly known as Protean Electric and listed on the NYSE under the ticker BMNR, recently announced a purchase of 27,562 ETH. This acquisition brings Bitmine's total ETH holdings to 5,983,940.

The reference price for this purchase was $2,688 per ETH, valuing the entire holding at approximately $16.1 billion. According to The Block, Bitmine now possesses around 4.9% of the total issued and outstanding supply of ETH.

Bitmine's strategy involves purchasing ETH on a weekly basis, starting from June 30, 2025, with the goal of acquiring a position representing 5% of the total ETH supply. The company believes that this move will help it implement its treasury strategy effectively.