BitMine Crosses 4 Million ETH Holdings as Crypto Markets Rebound

BitMine Immersion Technologies (BMNR), the ether-focused treasury firm led by Fundstrat co-founder Thomas Lee, has surpassed a major milestone after pushing its total ether holdings above 4 million ETH. According to a Monday update, the company acquired an additional 98,852 ETH last week, spending roughly $300 million at current market prices.

This latest purchase brings BitMine’s total ETH holdings to approximately 4,066,062 tokens, representing about 3.37% of the current circulating ether supply. At prevailing prices, the firm’s ether treasury is valued at just over $12 billion, making BitMine the largest known holder of ETH among publicly traded companies. Despite the sizable acquisition, the company’s cash position remained unchanged at $1 billion, underscoring its strong balance sheet and long-term accumulation strategy.

BitMine’s continued buying stands out at a time when many digital asset treasury firms have slowed purchases or begun selling crypto assets amid recent market volatility. Instead, BitMine has maintained a steady pace of accumulation, aligning with its long-term goal of owning 5% of the total ether supply. While last week’s purchase was slightly smaller than the prior week’s 138,000 ETH acquisition, it keeps the firm firmly on track toward that target.

The purchases were made during a period of market weakness, as ETH prices fell from an early-week high near $3,170 to below $2,800 by Thursday. Since then, ether has rebounded above $3,000, helping drive renewed investor confidence. BMNR shares rose about 4.5% in pre-market trading following Friday’s 10% rally, reflecting optimism tied to the crypto market recovery.

However, despite its massive holdings, BitMine is estimated to be carrying more than $3 billion in unrealized losses on its ether position due to the broader price decline over recent months, according to DropsTab data. Even so, the firm’s long-term conviction in Ethereum and its aggressive treasury strategy continue to position BitMine as a key player in the institutional crypto landscape.