BitMine Takes Advantage of Market Dip as Ethereum Holdings Exceed 3 Million ETH
BitMine Immersion Technologies has significantly increased its Ethereum stash, which now surpasses 3 million tokens, benefiting from recent market volatility.
BitMine Immersion Technologies reported a milestone earlier this week, announcing that its Ethereum (ETH) holdings have surpassed 3 million tokens. The company, which is known for its large treasury of Ethereum, stated that this equates to over 2.5% of the total ETH supply, indicating they are now well on their journey towards acquiring 5% of the ETH market.
As of October 13, their ETH, crypto, and cash holdings were valued at approximately $12.9 billion, with the vast majority being ETH. Additionally, they hold 192 Bitcoin (BTC) and have investments in various crypto enterprises.
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BitMine shared its latest holdings update:
$12.9 billion total in crypto and “moonshots”:
- 3,032,188 ETH at $4,154 per ETH (Bloomberg)
- 192 Bitcoin (BTC)
- $135 million stake in Eightco Holdings (NASDAQ: ORBS)
- and more…
Ethereum Continues to Attract Investors
“The recent liquidation in the crypto market led to a significant price drop for ETH, which BitMine capitalized on,” said Tom Lee of Fundstrat, also the chairman of BitMine.
The company reportedly acquired 202,037 tokens in recent days, increasing their total to 3,032,188 ETH. Lee explained the impact of asset volatility, which has led to widespread liquidation and pushed prices down below their fundamental values, presenting opportunities for investors.
“Volatility leads to deleveraging, causing assets to be traded at substantial discounts, which creates advantages for long-term investors over short-term traders.”
More than a million traders faced liquidation when the market plummeted, coinciding with large short positions being opened just prior to a significant announcement from the US President.
BitMine’s stock surged by over 8% to $56.85, before experiencing a slight drop in after-hours trading. Since June, their shares have skyrocketed by an impressive 1,200% due to their strategic accumulation of Ethereum.
“Currently, the combined trading volume of BitMine and MSTR (MicroStrategy) accounts for 88% of the global DAT trading share,” added Lee.
Latest Acquisitions and Future Outlook
BitMine has made headlines recently by purchasing $834 million worth of ETH within the past week, holding a total of $12.52 billion worth of Ethereum, as it aims to reach its goal of 5% of the available supply.
As Ethereum’s price fluctuates, analysts predict a bullish trend for a potential rally in Q4 or Q1 of 2026, hoping to see ETH reaching five figures.
In related news, Bhutan became the first country to anchor its national digital identity on Ethereum.
