BitMine Expands Ethereum Holdings Amid Strong Q3 Performance
BitMine Immersion, a firm focused on Ethereum (ETH) treasury management, has significantly increased its holdings of the cryptocurrency. Last week, the company acquired 15,112 ETH, bringing its total holdings to 6.016 million ETH. This amount represents 4.9% of Ethereum's circulating supply and is valued at approximately $16.16 billion.
The purchase comes on the heels of Ethereum's strongest quarter since the first quarter of 2021, with a 70% gain in Q3. BitMine Chairman Thomas Lee highlighted Ethereum's outperformance relative to traditional assets, noting a 6,832 basis point advantage over the S&P 500 despite macroeconomic challenges. However, the market liquidity of Ethereum has declined, with its median market liquidity now ranging from 35-45% of Bitcoin's, down from at least 60% in 2025.
BitMine also reported substantial staking revenues and other investments. The company maintains a 5.067 million ETH stake across its Made in America Validator Network (MAVAN) and other staking partners, with annualized staking revenues projected at $363 million. Additionally, BitMine holds 214 Bitcoin (BTC), a $180 million stake in Beast Industries, a $117 million stake in Worldcoin (WLD) treasury Eightco Holdings (ORBS), and total cash and marketable securities of $643 million.
Technically, Ethereum remains range-bound, with support at $2,657 and the 20-day Exponential Moving Average (EMA). A drop below these levels could test $2,550 and the 50-day EMA, while resistance lies at $2,790, followed by $2,880 and $3,066. The Relative Strength Index (RSI) indicates consistent bullish dominance, hovering around 62.