BitMine Immersion Technologies, the world’s leading publicly-traded Ethereum treasury firm, has significantly expanded its holdings. The company announced a massive new purchase, boosting its BitMine Ethereum treasury to a total value of $13 billion.
Details of the Massive Purchase
The firm acquired 179,251 ETH last week, worth approximately $823 million. Consequently, the total BitMine Ethereum treasury now stands at a colossal 2.83 million ETH.
Notably, the company’s average purchase price sits at $4,535, which is below Ethereum’s current price. Therefore, the entire position is already in a state of unrealized profit.
The World’s Largest Ethereum Treasury
This acquisition solidifies the BitMine Ethereum treasury as the largest corporate holding of Ethereum globally. It dwarfs the second-largest holder, SharpLink Gaming, which holds about $3.85 billion in ETH.
Overall, BitMine is now the second-largest crypto treasury of any kind, trailing only MicroStrategy’s enormous Bitcoin reserve. The market reacted positively, with BMNR stock rising 5% on the news.
Strategic Focus and Future Outlook
According to Chairman Tom Lee, the expansion of the BitMine Ethereum treasury is a strategic decision. Following meetings at TOKEN2049, the company is confident that Ethereum is the foundational layer for Wall Street and AI.
Prediction markets reflect this optimism, with an 86% likelihood that BitMine will hold 3 million ETH before the end of October.
