BitMine Scoops $827M in Ether Amid Market Chaos, Pushing Holdings Beyond 3 Million ETH

BitMine has once again demonstrated its conviction in Ethereum’s long-term potential—this time by buying the dip during one of the crypto market’s most volatile weekends.

Following a $19 billion liquidation event that sent shockwaves across the digital asset space, BitMine aggressively expanded its Ether holdings, purchasing 202,037 ETH worth roughly $827 million. The acquisition raised the firm’s total Ether balance to more than 3 million ETH, accounting for around 2.5% of the token’s circulating supply.

According to the company’s Monday update on X (formerly Twitter), BitMine’s average purchase price for the recent batch was $4,154 per ETH, capitalizing on the temporary sell-off to bolster its already massive crypto treasury.

BitMine’s total asset base now exceeds $13.4 billion, consisting of $12.9 billion in digital assets and “moonshot” investments, alongside 192 Bitcoin valued at about $115,000 each, $104 million in cash, and a $135 million equity position in Eightco Holdings, a Nasdaq-listed tech firm.

The latest accumulation aligns with BitMine’s stated goal of owning 5% of the total Ether supply, a milestone the firm says it is now “more than halfway” toward reaching.

Tom Lee, BitMine’s chairman, noted that market volatility often creates rare opportunities:

“When leverage unwinds, assets can trade at substantial discounts to their future value. That’s when disciplined investors thrive while traders suffer,” he said.

Despite the large-scale accumulation, BitMine’s stock (BMNR) saw an 11% decline over the past five days, according to Google Finance, amid criticism from short-seller Kerrisdale Capital, which recently questioned the company’s long-term sustainability. Even so, BMNR remains one of the most actively traded equities in the U.S., ranking 22nd by average five-day trading volume, at more than $3.5 billion.

While critics see BitMine’s strategy as risky, the company’s aggressive buying signals growing institutional confidence in Ether’s resilience—even as the broader crypto market grapples with intense volatility.