BMNR Secures 2.8% of Global Ethereum Supply as Crypto Holdings Reach $13.7 Billion

BitMine’s Aggressive ETH Accumulation Makes It World’s Largest Ethereum Treasury

BitMine Immersion Technologies (NYSE American: BMNR) has raised the bar in the digital asset space by announcing it now holds 3.4 million Ethereum (ETH) tokens, representing 2.8% of the total circulating supply. Combined with $389 million in unencumbered cash, a portfolio of Bitcoin, and strategic “moonshot” investments, BMNR’s total crypto and cash holdings now stand at $13.7 billion.

Strategic Moves Put BitMine in the Spotlight: 2.8% of ETH Supply Now Controlled

This push brings BMNR over the halfway mark towards its stated target—the “alchemy of 5%” ETH supply acquisition. To put this in perspective, the company acquired 82,353 ETH tokens just in the past week, further accelerating its accumulation velocity. BitMine now leads the market as the largest single ETH treasury worldwide and ranks second globally among crypto treasuries, trailing only Strategy Inc (MSTR), which boasts $71 billion in Bitcoin assets.

BMNR’s Liquidity and Institutional Backing Stand Out Among Crypto Peers

BMNR has not only built one of the largest treasuries but also distinguished itself by liquidity. The stock averages $1.5 billion in daily trading volume (over the past five days), ranking it as the 60th most traded US stock—nestled between names like Walmart and Marvell Technology. This liquidity attracts significant institutional capital, with BMNR backed by notable investors such as ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, and Galaxy Digital, among others.

Market Backdrop: Crypto Reset Sets Stage for Price-Fundamental Convergence

The October 10th crypto deleveraging event, which saw open interest on ETH drop by a record 45%, is cited by BitMine chairman Thomas "Tom" Lee as a necessary market reset. Lee points to robust underlying fundamentals—like a >15% rise in ETH stablecoin supply and record application revenues—as setting the foundation for a price catch-up in the near future. Historically, the fourth quarter has been seasonally strong for both crypto and equity prices, hinting at potentially favorable trading conditions ahead.

Key Takeaway: BMNR’s ETH Pursuit Accelerates, Leaving Room for Market-Wide Implications

With 2.8% of the global Ethereum supply already secured and institutional money backing its next phase, BitMine Immersion’s strategy could set new standards for treasury management in crypto. Its next big goal—amassing 5% of all ETH—raises important questions about liquidity, supply concentration, and price discovery across the ecosystem. As open interest and trading volumes gradually recover from October’s reset, investors may want to keep a close eye on how BitMine’s accumulation drive impacts the broader Ethereum landscape in the months to come.

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