Publicly traded firm BitMine Immersion Technologies bought the crypto market dip over the weekend, as it bolstered its Ethereum (ETH) reserves by 202,037 ETH, propelling its total ETH holdings to beyond 3 million ETH.
BitMine’s Total Ethereum Holdings Surpass 3 Million
NYSE-listed Bitcoin (BTC) and Ethereum network company BitMine today disclosed that it had bought an additional 202,037 ETH during the crypto market crash over the weekend. Notably, the market crash led to a massive $19 billion in liquidations.
According to the announcement, BitMines’ total crypto holdings now comprise of 3,032,188 ETH, bought at an average price of $4,154. In addition, the firm holds 192 BTC, a stake in Eightco Holdings worth $135 million, and unencumbered cash worth $104 million.
BitMine continues to reign as the largest publicly-traded Ethereum treasury in the world, and the second-largest overall global crypto treasury, trailing Michael Saylor’s Strategy, which holds digital assets worth a total of more than $73 billion on its balance sheet. BitMine Chairman, Tom Lee, said:
The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We acquired 202,037 ETH tokens over the past few days pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.
BitMine’s share is also experiencing renewed interest as its ETH bet continues to get bigger. Today, the company’s stock, BMNR, is up 3.4%, trading at $54.45 at the time of writing.
Recent data from BitMine suggests that, based on its average five-day trading volume, BMNR was the 22nd most traded stock on US-based exchanges, witnessing a trading volume of $3.5 billion on Friday.
Opinion Still Split On ETH Utility
While 2025 is seeing unprecedented interest in Ethereum as a viable corporate treasury asset, some industry experts are still on the fence. The strongest opposition comes from staunch Bitcoin advocates.
For instance, recently Bitcoin maximalist Nick Szabo warned that Ethereum has a “fundamental problem,” adding that most of its use-cases are largely external to ETH’s market value.
Similarly, crypto entrepreneur Samson Mow noted that ETH’s price is being “propped up” by $6 billion in Korean retail money. He added that Ethereum’s recent bullish price action is not entirely due to its market demand.
That said, some ETH bulls are firmly behind the digital asset. SharpLink CEO Joseph Chalom recently remarked that Ethereum is a superior treasury asset compared to BTC. At press time, BTC trades at $4,165, up 1% in the past 24 hours.
Featured image from Unsplash.com, charts from Yahoo! Finance and TradingView.com
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