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Hassan Shittu
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Hassan Shittu
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BitMine Immersion Technologies has expanded its Ethereum holdings once again, acquiring an additional 82,300 ETH over the past week and raising its total crypto and cash assets to $13.7 billion as of November 2nd.
The latest accumulation cements BitMine’s position as the largest corporate holder of Ethereum in the world and the second largest overall crypto treasury, behind Strategy Inc., which holds 640,808 BTC valued at approximately $71 billion.
BitMine Raises Ethereum Treasury to 3.4M ETH, Eyes 5% Supply Target
According to the company announcementBitMine now controls approximately 3.395 million ETH, worth $13.25 billion at current prices, alongside 192 BTC and $389 million in unencumbered cash.
His portfolio as well includes a $62 million stake in Eightco Holdingspart of what the company calls its “moonshot” investments.
With its current balance, BitMine now controls about 2.8% of Ethereum’s circulating supply, surpassing the halfway mark towards its stated goal of owning 5% of the total ETH supply, a goal described by chairman Thomas “Tom” Lee as the company’s “5% alchemy.”
“We are now more than half of our quest for 5% of ETH,” Lee said, adding that October’s large-scale liquidation event “reset the market” and created new accumulation opportunities.
BitMine’s latest purchases follow a series of aggressive accumulations throughout October. On October 16, the company purchased more than 104,000 ETH, worth $417 millionthrough transactions traced to Kraken and BitGo linked notes.
Days later, data blocked by Lookonchain showed another flow of 27,316 ETHthey are worth $113 million, followed by the last 82,300 ETH this week.
What Makes BitMine the Hottest Crypto Stock on Wall Street Right Now?
BitMine seems to be winning with its current strategy, with a market capitalization of $12.49B and a gain of 25% in 30 days.
Additionally, its EPS increased by 180.1%, supported by $305M in cash and an MNAV of 1.03, showing strong profitability and a solid financial base despite being 55% short of target.
BitMine’s aggressive build-up has attracted strong institutional support from firms such as Cathie Wood’s ARK Invest, Funders Fund, Pantera Capital, Kraken, Galaxy Digital, Digital Currency Group, and veteran investor Bill Miller III.
The company’s market stature continues to grow beyond its crypto portfolio. American shares of BitMine (BMNR) have become one of the most actively traded in the United States.
Over the past week, its stock averaged $1.5 billion in daily trading volume, ranking 60th nationwide, just behind Walmart and ahead of Marvell Technology.
Top 71 Entities Own 6 Million ETH Worth $22.4 Billion
Across the corporate Ethereum treasury environment, BitMine’s lead is substantial. SharpLink Gaming is second, holding approximately 859,400 ETH valued at $3.6 billion, while The Ether Machine follows with 496,000 ETH worth $1.8 billion.
The Ethereum Foundation itself holds about 230,000 ETH, while Coinbase holds about 148,000 ETH in its reserve.
Collectively, the top 71 institutional and corporate holders now control about 6.06 million ETH, about 5% of the total supply, worth more than $22.4 billion.
Data from ETH’s strategic trackers also indicates movements among other major entities in recent weeks.
Coinbase added nearly 12,000 ETH, while the Optimism Foundation increased its stake by 3,600 ETH.
Meanwhile, Zentry and Status reduced their balances, and PulseChain recorded a strong outflow of 160,000 ETH.
Despite the trend of accumulation among institutional players, the market price of Ethereum has been under pressure.
Ethereum (ETH) it was trading around $3,587 at press time, down 3.5% in the last hour, 6.8% in the last 24 hours, and nearly 20% in the past month.
