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BitMine Now Owns Over 2.5% of Ethereum Supply—ETH Price Impact Incoming?
BitMine Stock – In a striking show of confidence, BitMine Immersion Technologies Inc. (NYSE AMERICAN: BMNR) saw its stock jump 6.8% on Monday after announcing it had bolstered its Ethereum holdings to exceed 2.5% of the total ETH supply. The company reported purchasing 202,037 ETH tokens over recent market turbulence, bringing its total ETH stash to 3,032,188 tokens, valued at approximately $12.6 billion.
Chairman Thomas “Tom” Lee described the acquisition as a response to opportunistic price weakness:
“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.”
This bold accumulation positions BitMine as the largest ETH treasury globally, and only behind Strategy Inc’s MSTR in overall crypto holdings—where MSTR holds 640,031 BTC, currently valued at $73 billion.
Treasure Trove Disclosed: Over $13 Billion in Holdings
Beyond ETH, BitMine’s crypto treasury is astonishingly diversified. The company revealed total holdings of $13.4 billion, which include:
- 3,032,188 ETH, worth ~$12.6 billion
- 192 Bitcoin
- A $135 million stake in Eightco Holdings (NASDAQ: ORBS), categorized in the firm’s “moonshots” portfolio
- $104 million in unencumbered cash
Notably, the pricey stake in Eightco reflects BitMine’s willingness to combine conservative large-cap accumulation with more speculative equity plays. This hybrid structure gives observers insight into how a high-profile treasury can straddle long-term value and portfolio upside exposure.
Market Impact & “Ethereum Supercycle” Narrative
BitMine didn’t pull punches when framing the significance of its latest ETH moves. In its October Chairman’s Message, the firm doubled down on its belief in an incoming “Ethereum Supercycle”—an era it expects to be propelled by rapid AI adoption and escalating Wall Street deployment of blockchain tech.
By making itself one of the most actively traded U.S. equities in recent days—with a $3.5 billion average daily trading volume over the past five sessions—BitMine has climbed to 22nd place among all U.S.-listed stocks in daily liquidity terms. That level of trading activity amplifies the market’s attention to its moves, further entangling its narrative with that of ETH itself.
What This Means: ETH Treasury Dominance & Market Psychology
BitMine’s growing ETH position may not just be a statement of conviction—it could subtly shape how market participants view ETH’s scarcity and institutional appeal. Accumulating over 2.5% of circulating ETH in one move changes the optics of supply distribution, especially once institutions start eyeing regulated entry into ETH exposure.
Furthermore, BitMine’s pursuit of 5% of ETH supply is audacious by any metric; suggesting it is aiming to be more than just another treasury—it wants to be a pillar of ETH’s narrative in the institutional arena.
Meanwhile, the qualitative framing—emphasizing a future dominated by AI and Wall Street blockchain adoption—casts BitMine’s accumulation not as a short-term trade, but as a strategic alignment with a broader Ethereum-centric paradigm shift.
Closing Thoughts
BitMine’s ETH accumulation campaign marks a bold moment in crypto treasury strategy. With its 6.8% stock surge and revelation that it now controls over 2.5% of Ethereum’s supply, it is staking a strong claim in the narrative driving ETH’s institutional maturity.
Its combination of deep ETH holdings, equity plays like the ORBS stake, and public commentary on an emerging “Ethereum Supercycle” suggests it views itself as more than a passive holdings firm—it’s positioning as an active player in the evolution of crypto capital flows.
As BitMine inches toward its goal of 5% ETH ownership, the industry will increasingly view it as a bellwether for how capital allocators conceive of ETH’s future role. Meanwhile, its trading volume dominance ensures it won’t be possible to ignore any further moves it makes.
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