BitMine now commands an unprecedented 2.5% of all Ether, placing it in a league of its own. This concentration transforms the firm into a foundational pillar of the Ethereum network, with influence extending far beyond its balance sheet.
Summary
- BitMine now holds 3.03 million ETH, representing 2.5% of Ethereum’s total supply and marking a major step toward its 5% target.
- The company’s accumulation is backed by major investors including ARK Invest, Founders Fund, and Pantera Capital.
- Beyond ETH, BitMine disclosed $104 million in cash, 192 BTC, and $135 million in “moonshot” equity holdings, with its stock trading $3.5 billion daily.
According to a press release dated Oct. 13, BitMine Immersion Technologies aggressively added 202,037 Ether (ETH) to its coffers during a recent market downturn, officially pushing its holdings past the 3.03 million token mark.
The company’s chairman, Thomas “Tom” Lee, stated the strategic acquisitions were a direct response to what he termed a “substantial discount to the future,” leveraging market deleveraging to accelerate its progress toward a stated goal of controlling 5% of the entire Ether supply.
“Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future’ and this creates advantages for investors, at the expense of traders,” Lee said. “This Chairman’s Message explains our framework for why we see Ethereum in a Supercycle driven by the AI and Wall Street moving into the blockchain.”
Progress toward the 5% horizon
With 3.03 million ETH in its coffers, BitMine’s figure sits at about 2.5% of circulating Ether. To control 5% of Ethereum’s total supply, the company would need to acquire an additional 3 million ETH under current total supply and market assumptions, effectively doubling its current position.
This pursuit is backed by a formidable consortium of institutional capital, including ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital, providing the financial firepower for such an audacious long-term strategy.
Beyond its colossal ETH position, BitMine holds 192 Bitcoin, $104 million in unencumbered cash, and a $135 million stake in Eightco Holdings classified as “moonshots.” These assets sum, with its ETH position, to a total reported $12.9 to $13.4 billion in liquidity and crypto value.
On the equity side, BitMine claims significant momentum: its stock is now among the most heavily traded in the U.S. As of the latest five-day average, BMNR’s daily trading volume reaches roughly $3.5 billion, putting it at rank #22 among all U.S.-listed names, according to data from Fundstrat.
Source: https://crypto.news/bitmine-reaches-3m-eth-tokens-in-ongoing-accumulation/