Publicly traded company BitMine Immersion Technologies bought the crypto market dip over the weekend, boosting its Ethereum (ETH) reserves by 202,037 ETH, propelling its total ETH holdings past 3 million ETH.
BitMine’s total Ethereum holdings exceed 3 million
NYSE-listed Bitcoin (BTC) and Ethereum network company BitMine revealed today that it purchased an additional 202,037 ETH during this weekend’s crypto market crash. The stock market crash notably led to massive liquidations of $19 billion.
According to the announcement, BitMines’ total crypto holdings now include 3,032,188 ETH, purchased at an average price of $4,154. Additionally, the company holds 192 BTC, a stake in Eightco Holdings worth $135 million, and unencumbered cash worth $104 million.
BitMine continues to reign as the world’s largest publicly traded Ethereum treasury and second-largest global crypto treasury, behind Michael Saylor’s strategy, which holds digital assets worth a total of over $73 billion on its balance sheet. BitMine President Tom Lee said:
The crypto sell-off in recent days has led to a drop in the price of ETH, from which BitMine has taken advantage. We acquired 202,037 ETH tokens over the past few days, bringing our ETH holdings to over 3 million, or 2.5% of the ETH supply. We are now more than halfway through our initial quest for the “5% alchemy” of ETH.
BitMine stock is also seeing renewed interest as its ETH stake continues to grow. Today, the company’s stock, BMNR, is up 3.4%, trading at $54.45 at the time of writing.
Recent data from BitMine suggests that, based on its five-day average trading volume, BMNR was the 22nd most traded stock on U.S. exchanges, with a trading volume of $3.5 billion on Friday.
Opinions are still divided on the ETH utility
While 2025 sees unprecedented interest in Ethereum as a viable corporate treasury asset, some industry experts remain hesitant. The strongest opposition comes from staunch Bitcoin advocates.
For example, recent Bitcoin maximalist Nick Szabo warned that Ethereum has a “fundamental problem,” adding that most of its use cases are largely external to the market value of ETH.
Likewise, crypto entrepreneur Samson Mow note that the price of ETH is “backed” by $6 billion in Korean retail money. He added that the recent Ethereum bullish price action is not entirely due to market demand.
That said, some ETH bulls strongly support the digital asset. Joseph Chalom, CEO of SharpLink, recently REMARK that Ethereum is a superior treasury asset than BTC. At press time, BTC is trading at $4,165, up 1% in the last 24 hours.
Featured image from Unsplash.com, graphics from Yahoo! Finance and TradingView.com
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