BitMine’s Ethereum holdings surpass 3.39 million ETH in a significant treasury maneuver.

BitMine Immersion Technologies recently made a significant move in the cryptocurrency space by acquiring 82,353 ETH, valued at around $294 million. This strategic purchase has boosted BitMine’s total Ethereum holdings to over 3.39 million tokens, which is roughly equivalent to 2.8 percent of Ethereum’s total supply.

BitMine’s acquisition of Ethereum is part of its long-term strategy known as the “Alchemy of 5%,” with the ultimate goal of accumulating 5 percent of Ethereum’s circulating supply. This strategy was implemented in March 2025 and positions BitMine as a key institutional player in providing traditional investors with exposure to Ethereum through a regulated, publicly traded equity platform.

Despite this significant purchase, BitMine’s stock (BMNR) experienced an 8 percent decline, while the price of ETH dropped by over 6 percent, currently trading at around $3,600. However, Chairman Tom Lee remains optimistic about Ethereum’s future, predicting that it could reach $7,000 by the end of the year, citing strong fundamentals and increased accumulation by institutional investors.

BitMine’s recent activity highlights its aggressive pursuit of its accumulation goal. In the last 30 days alone, the company acquired 662,169 ETH, including a substantial amount from BitGo. In addition to its Ethereum holdings, BitMine also holds 192 BTC, a $62 million stake in Eightco Holdings, and significant cash reserves.

Although Ethereum’s price has experienced a decline from its yearly high, technical analysis suggests a potential rebound. Ethereum is currently trading near the $3,600 mark, having retraced 27 percent from its peak. However, the token is showing signs of a potential uptrend, with analysts projecting a return to $4,062 and possibly higher. On the flip side, a break below key support levels could see ETH dropping further to $2,500.

Institutional demand for Ethereum remains strong, with various companies like SharpLink, Bit Digital, ETHZilla, Coinbase, and BTCS also increasing their ETH holdings. The influx of institutional investors into Ethereum-based ETFs, with over $14.37 billion in inflows since July of the previous year, has further boosted sentiment and market confidence.

Looking ahead, Ethereum is poised for potential growth with the upcoming Fusaka upgrade scheduled for December 3rd. This upgrade promises to address key issues such as lower gas fees, improved scalability, and enhanced roll-up efficiency, further solidifying Ethereum’s position as the preferred blockchain platform for institutional investors.

In conclusion, BitMine’s aggressive accumulation strategy and bullish outlook on Ethereum reflect a broader trend of institutional interest in cryptocurrencies. Despite short-term price fluctuations, the long-term prospects for Ethereum remain positive, driven by strong fundamentals, increasing institutional demand, and ongoing technological advancements within the ecosystem. As major players like BitMine continue to make significant investments in Ethereum, the future of the cryptocurrency market looks promising for investors and enthusiasts alike.