BitMine Immersion Surpasses 3 Million ETH Holdings Amid Market Volatility

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• BitMine now holds 3.03M ETH, worth $12.6B.
  
• Purchases timed during ETH price drop amid market volatility.
  
• Institutional backing supports BitMine’s goal to acquire 5% of circulating ETH.

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Ethereum-focused treasury firm BitMine Immersion, chaired by Tom Lee, has quietly strengthened its position as the world’s largest ETH holder. The company’s latest weekly acquisitions brought its Ethereum holdings past 3.03 million ETH, valued at approximately $12.6 billion at current market prices.

Since October 6, BitMine purchased 202,037 ETH, pushing its total crypto and cash assets to $12.9 billion. While the company did not disclose the total cost of the latest purchase, its acquisitions are estimated at around $839 million, highlighting BitMine’s aggressive accumulation strategy.

Diverse Holdings and Market Position

BitMine also maintains 192 BTC ($22 million), a $135 million stake in WLD treasury firm Eightco, and $104 million in unencumbered cash. Its ETH holdings represent roughly 2.5% of Ethereum’s circulating supply of 120.7 million ETH.

The firm ranks ahead of Joe Lubin’s SharpLink (838,730 ETH) and The Ether Machine (496,710 ETH) as the largest Ethereum treasury holder. On the broader crypto stage, BitMine sits just behind Michael Saylor’s Strategy, the second-largest public crypto treasury company, which holds 640,250 BTC ($73 billion).

Institutional Support and Strategic Goals

Backed by major investors such as Ark Invest, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, BitMine aims to acquire 5% of Ethereum’s circulating supply—about 6.04 million ETH. The firm’s purchases coincide with ETH’s recent 11.5% drop, driven by renewed U.S.-China trade tensions and market-wide liquidations that wiped out over $20 billion in positions.

Tom Lee emphasized that volatility creates opportunities: “Price declines in ETH, caused by market deleveraging, allowed BitMine to acquire assets at a substantial discount to their future value,” he said.

Also Read: Grayscale Transfers $115M in Ethereum: What It Means for ETH Investors

Market Influence and Trading Volume

BitMine’s activity is not limited to crypto. The firm is now among the top-traded U.S. equities, with a five-day average daily volume of $3.5 billion as of October 10, ranking 22nd nationwide, just ahead of UnitedHealth.

BitMine’s aggressive Ethereum accumulation underscores its role as a market-moving player in crypto. Supported by heavyweight institutional investors, the company is strategically positioned to leverage volatility and shape the ETH market in the months ahead.

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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.