CMC News

#BitMine Purchases $961M in $ETH, Solidifies Market Position

BitMine Immersion announced Monday that its $ETH treasury has surpassed 2.65 million tokens, valued at approximately $10.8 billion, following substantial weekly acquisitions. The Las Vegas-based company purchased 234,846 $ETH worth $961.5 million since its Sept. 22 update, significantly expanding its market dominance.

Total crypto and cash holdings reached $11.6 billion as of Sept. 28. Beyond #Ethereum, BitMine maintains 192 $BTC valued at $21.5 million, a $157 million stake in WLD treasury firm Eightco, and $436 million in unencumbered cash reserves.

The company's $ETH position represents roughly 2.2% of Ethereum's circulating supply, which currently sits at approximately 120.7 million tokens. BitMine now holds more than triple the Ethereum treasury of its nearest competitor in the corporate holder category.

Joe Lubin's SharpLink ranks second with approximately 838,730 $ETH, while The Ether Machine holds around 495,360 $ETH in third position. BitMine's aggressive acquisition strategy continues to widen the gap between itself and other publicly traded #treasury companies focused on Ethereum.

Chairman Tom Lee positioned Ethereum as essential infrastructure for converging AI and crypto trends. He emphasized that both sectors require neutral public blockchains, citing Ethereum's reliability and perfect uptime record as key advantages for long-term positioning