BitMine buys 27,801 Ethereum and now holds 4.8% of total supply

BitMine Immersion Technologies (BMNR) continues its aggressive Ethereum strategy. The company purchased 27,801 ETH in a single week, bringing its total position to no less than 5,770,038 Ethereum. That is equivalent to 4.8% of the entire circulating supply of the Ethereum cryptocurrency. Together with cash and other investments, the total portfolio value stands at $11.3 billion.

Ethereum is available at OKX and Bybit.

Billions in ETH Staked

A large portion of the Ethereum holdings is not sitting idle. BitMine reports that it has staked as many as 4,917,189 ETH, meaning those tokens are actively contributing to the Ethereum network and generating rewards. This is a notably high percentage of the total position and shows that the company is not purely speculating on a price increase but also aims to earn returns from staking itself.

The Ethereum price stands at $1.765 at the time of writing, a decline of 2.1% in the past 24 hours. Despite that small pullback, BitMine continues buying, reflecting the company’s confidence in ETH’s long-term value. Earlier, bullish signals for the Ethereum price already indicated that analysts are optimistic about the further development of the coin.

Strong Liquidity Position Alongside Crypto

In addition to its large Ethereum position, BitMine also holds a substantial amount of liquid assets. As of 12 July, the company holds $482 million in cash and marketable securities, according to PR Newswire. This combination of crypto and cash gives BitMine a total portfolio value of $11.3 billion.

BitMine’s approach strongly resembles the strategy MicroStrategy previously applied to Bitcoin: systematically buying more and building an ever-greater concentration in a single cryptocurrency. Whether the Ethereum price moves towards higher levels in the coming period will partly determine how valuable this position becomes over time. With nearly 5% of the total ETH supply in its hands, BitMine is now undeniably one of the largest institutional players in the Ethereum ecosystem.