Bitmine Nears Major Ethereum Supply Target After Aggressive ETH Accumulation

Bitmine Immersion Technologies significantly expanded its Ethereum reserves after purchasing more than 100,000 ETH during the recent market downturn, bringing its total holdings to approximately 5.39 million ETH.

The latest acquisition came as Ethereum’s price slipped below the $2,200 mark, a move the company described as a strategic buying opportunity. With the new additions, Bitmine has now completed roughly 89% of its ambitious plan to control 5% of Ethereum’s circulating supply — a target it introduced less than a year ago.

At current market prices, the company’s Ethereum treasury is valued at nearly $11.4 billion. Ethereum was trading around $2,115 on Tuesday morning after retreating sharply from levels above $2,400 earlier this month.

Bitmine Chairman Tom Lee said the firm remains highly optimistic about Ethereum’s long-term trajectory despite recent volatility. According to Lee, the company expects the next major crypto growth cycle to be powered by increasing institutional tokenization efforts and the expansion of AI-driven blockchain applications.

During the past week alone, Bitmine added 111,942 ETH to its balance sheet. The company also revealed that more than 4.7 million of its Ethereum holdings are currently staked, representing over $10 billion in staked assets.

Ethereum has struggled throughout the year, falling nearly 30% since January amid broader market pressure and investor profit-taking. Bitmine’s stock performance has mirrored that weakness, though shares still posted a modest gain on Tuesday.

The firm now ranks as the second-largest crypto treasury company globally, trailing only Strategy in overall digital asset holdings.