Bitmine, a company focused on Ethereum, has taken advantage of ETH’s recent slip for under $4,000, significantly expanding its holdings.
On September 29, the company announced that it had purchased more than 200,000 ETH over the course of a week, bringing it to a total of 2.6 million ETH. At current market prices, the stash is valued at $10.9 billion, and currently accounts for more than 2% of Ethereum’s distribution supply.
Also, Bitmine’s Thomas “Tom” Lee, who leads fund struts, explained that the company’s purchases reflect a long-term conviction in Ethereum’s role at the intersection of crypto and artificial intelligence.
He described the purchase as “purchasing ETH with future discounts,” and argued that both industries will remain an important factor in innovation for decades.
He said:
“We continue to believe that Ethereum is one of the biggest macro transactions for the next 10-15 years. If Wall Street and AI move to blockchain, it should lead to greater changes in today’s financial system.
Meanwhile, the company’s balance sheet exceeds Ethereum.
Bitmine also holds 192 Bitcoin worth approximately $21.5 million and maintains a $157 million position in Eightco Holdings, a portfolio classified as “Moonshots.” It also reports a cash reserve of $436 million.
Together, these assets bring Bitmine’s total value to $11.6 billion.
This aggressive expansion strengthens Bitmine’s largest single ethics and the world’s second largest cryptocurrency Ministry, and tracks the strategy (previously the micro-strategy) that is rated at around $71 billion with 639,835 BTC.
Bitmine Stock
Bitmine’s Ethereum growth has led to important stock market activities for businesses.
As of September 26, Bitmine ranked 26th among the most aggressively traded US stocks, with an average daily trading volume of $2.6 billion. This precedes Visa, the visa, one of 5,704 US listed stocks based in the US.
Among digital asset financing companies, Bitmine is also one of the most traded stocks.
The company has revealed that it accounts for 84% of the total activity of the top 30 digital asset financing companies, along with its strategic stock. He added that stocks alone represent 34% of that percentage.
Speaking about these numbers, Lee said:
“At Bitmine, we lead our Crypto Navs, both with the speed of increasing per share and the high trading liquidity of the stock.”