BitMine’s Ethereum holdings surpass 3.3 million ether after latest 77,055 ETH purchase

Ethereum treasury company BitMine Immersion said its holdings have now surpassed 3.3 million ETH — worth around $13.7 billion — following its latest weekly acquisitions.

BitMine bought 77,055 ETH since its last update on Oct. 20, reporting its total crypto and cash holdings had reached $14.2 billion on Monday. BitMine did not disclose the average purchase cost, but at current prices, its latest acquisition is worth around $319 million.

As of Oct. 26, BitMine also holds 192 BTC ($22.2 million), an $88 million stake in WLD treasury firm Eightco, and $305 million in unencumbered cash. The company’s ETH holdings are equivalent to nearly 2.8% of Ethereum’s current circulating supply, which sits at approximately 120.7 million ETH, according to The Block’s price page.

BitMine is currently the largest Ethereum treasury holder, followed by Joe Lubin’s SharpLink and The Ether Machine, with approximately 859,400 ETH and 496,710 ETH, respectively, according to SER data. BitMine is also the second-largest public crypto treasury company overall, behind Michael Saylor’s Strategy, which holds 640,808 BTC ($74 billion) — equivalent to more than 3% of bitcoin’s total 21 million supply — following Strategy’s latest acquisition announcement on Monday.

Supported by institutional investors including Ark Invest’s Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera, BitMine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.

US-China trade talks are positive for Ethereum

The acquisition announcement comes after ETH rebounded 3.1% over the past week, boosted by trader optimism about macroeconomic conditions amid U.S.-China trade talks and Sunday’s short liquidation surge.

“The progress in trade talks between U.S. and China is a positive for Ethereum and crypto broadly,” Fundstrat Managing Partner and BitMine Chairman Tom Lee said on Monday. “These are global assets and rising tensions triggered the largest ever deleveraging in crypto a few weeks ago.”

“While the fundamentals of Ethereum and crypto are ‘uncorrelated’ to equities, Fundstrat work has shown that in the past 15 years, Ethereum and crypto perform better when equities rise, meaning crypto is correlated to ‘risk-on’ assets via the associated leverage channel,” he continued. “Open interest for ETH sits at the same levels as seen on June 30 of this year (ETH was $2,500). Given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward.”

BitMine is now among the top-traded U.S. equities, with a five-day average daily volume of $1.5 billion as of Oct. 24. That ranks it 46th nationwide, just behind Goldman Sachs among 5,704 U.S.-listed stocks, per Fundstrat and Statista data.

“The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume. We continue to lead our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” Lee added.