Bitmine expands Ethereum holdings to 5.42 million ETH

Bitmine Immersion Technologies (NYSE: BMNR) announces that it has purchased an additional 26.497 Ethereum over the past week. This brings the company’s total holdings to 5,42 million ETH, which equates to 4,49% of the entire circulating supply of Ethereum. Including cash and other investments, Bitmine’s total assets amount to $11,6 billion.

Ethereum is available at Bitvavo and Bybit.

Billions in crypto, cash and strategic stakes

Of the 5,42 million ETH held by Bitmine, a large portion is actively working. The company states that 4,72 million tokens are staked, generating yield on its massive position. Additionally, Bitmine holds $446 million in cash reserves. The total package of $11,6 billion also includes stakes in Beast Industries and Eightco, two companies in which Bitmine has invested strategically.

The announcement comes at a time when the Ethereum koers is under pressure. At the time of writing, ETH is trading at $1.971,66, down 1,8% over the past 24 hours. Earlier this week, the Ethereum price fell below $2.000, with analysts warning of possible new lows.

Bitmine as a major player in the Ethereum ecosystem

With a holding of 4,49% of the circulating supply, Bitmine positions itself as one of the largest institutional holders of Ethereum worldwide. The company’s strategy appears aimed at building a long-term position in ETH, similar to how other publicly traded companies build large Bitcoin positions.

The news of the expansion of ETH holdings is reported by PR Newswire. The purchase of 26.497 ETH in a single week indicates that Bitmine is actively buying more, even while the Ethereum price is currently not at its strongest. Whether this will positively influence the price over time remains to be seen, especially given the recently elevated risk level indicated by the leverage indicator for Ethereum.