BitMine Expands Its Ethereum Holdings Despite Market Pressure
BitMine Immersion Technologies has strengthened its position as the largest Ethereum treasury, adding nearly 70,000 ETH during the past week. With this latest $200 million acquisition, the company now holds 3,629,701 ETH — representing roughly 3% of Ethereum’s total token supply.
The firm confirmed that it purchased 69,822 ETH despite ongoing market volatility. As of Monday, BitMine’s total Ethereum holdings are valued at approximately $10.2 billion.
ETH Price Drops Nearly 30% in a Month
Ethereum’s market downturn has significantly impacted the U.S. dollar value of BitMine’s crypto reserves. Two weeks ago, the company’s ETH stockpile was valued at over $12 billion. With Ethereum trading near $2,800 on Monday morning, the price of ETH has dropped close to 30% over the past month.
According to BitMine, weaker liquidity conditions have contributed to the recent sell-off. “The continued decline in crypto prices in the past week reflects the impaired liquidity since October 10th, as well as price technicals, which remain weak,” the company stated.
BitMine Expects ETH Downside to Hold Near $2,500
BitMine reiterated its earlier prediction that Ethereum’s downside risk would likely bottom around $2,500 — a level now in sight. “A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there,” the firm said.
The company added that this market position may create an attractive opportunity for long-term investors. BitMine highlighted that the potential downside is limited to about 5%–7%, while the upside could be driven by “the supercycle ahead for Ethereum.”
Company Strengthens Investor Incentives with Dividend and Buyback Plans
BitMine recently announced a net income of $328 million for its fiscal year ending Aug. 31. Alongside its earnings, the firm revealed it will issue a dividend to offer shareholders a more traditional return — a rare move among crypto-focused companies.
In July, BitMine became one of the first digital asset treasuries (DATs) to approve a share buyback program. The initiative is designed to complement the company’s ongoing Ethereum accumulation strategy.
Additional Assets and Major Backers
Beyond Ethereum, BitMine also disclosed that it holds 192 bitcoin, a $38 million equity position in Eightco Holdings, and $800 million in unencumbered cash.
The company is supported by prominent institutional investors including ARK Invest’s Cathie Wood, Digital Currency Group (DCG), Founders Fund, Galaxy Digital, and Pantera. High-profile individual backers include Bill Miller III and Tom Lee.
