Publicly traded company Bitmine Immersion Technologies increased its Ethereum (ETH) reserves by 202,037 ETH, increasing its total ETH holdings to more than 3 million ETH, buying out the crypto market’s decline over the weekend.
BitMine’s total number of Ethereum holdings exceeds 3 million
Bitmine, the New York Stock Exchange-listed Bitcoin (BTC) and Ethereum network company, today revealed that it purchased an additional 202,037 ETH during last weekend’s crypto market crash. Notably, the market crash resulted in a huge liquidation of $19 billion.
According to the announcement, BitMines’ total cryptocurrency holdings currently consist of 3,032,188 ETH, which was purchased at an average price of $4,154. Additionally, the company holds 192 BTC in Eightco Holdings stock worth $135 million and free cash worth $104 million.
BitMine continues to reign as the world’s largest publicly traded Ethereum treasury, and the world’s second-largest global cryptocurrency treasury, behind only Michael Saylor Strategies, which holds over $73 billion worth of digital assets on its balance sheet. BitMine Chairman Tom Lee said:
Cryptocurrency liquidations over the past few days have caused a drop in the price of ETH, which BitMine took advantage of. Over the past few days, we have acquired 202,037 ETH tokens, bringing our ETH holdings to over 3 million, or 2.5% of the ETH supply. We are now more than halfway towards our original pursuit of ETH’s “5% Alchemy”.
As BitMine’s ETH stakes continue to grow, there is also renewed interest in BitMine’s shares. The company’s stock price BMNR is currently up 3.4% and trading at $54.45 at the time of writing.
Based on 5-day average trading volume, BMNR is the 22nd most traded stock on the US-based exchange, with trading volume of $3.5 billion on Friday, according to recent data from BitMine.
Opinions remain divided on ETH utility
Ethereum is attracting more interest than ever as a financial asset for companies in 2025, but some industry experts remain wary. The strongest opponents are staunch Bitcoin supporters.
For example, recently Bitcoin maximalist Nick Szabo warned He said there is a “fundamental problem” with Ethereum, adding that most of its use cases primarily lie outside of ETH’s market value.
Similarly, cryptocurrency entrepreneur Samson Mo noticed The price of ETH is “supported” by $6 billion in South Korean retail money. He is a recent Ethereum bullish Price fluctuations are not entirely due to market demand.
That being said, some ETH bulls are firmly behind the digital asset. Recently, SharpLink CEO Joseph Chalom said This means that Ethereum is a superior treasury asset compared to BTC. At the time of writing, BTC is trading at $4,165, up 1% in the past 24 hours.
Featured image from Unsplash.com, graph from Yahoo! Finance and TradingView.com
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