BitMine’s Ethereum Bet Grows Even as the Market Pulls Back
BitMine Immersion Technology continues to defy the broader trend in corporate crypto treasuries, adding roughly $320 million worth of ether and pushing its total holdings toward nearly 4 million ETH. The latest purchases come as many firms slow or reverse accumulation amid weaker token prices and softer investor sentiment.
Despite Ethereum trading well below its recent highs, BitMine has kept its cash position steady while expanding its digital asset balance sheet to more than $13 billion, including a smaller bitcoin position and strategic equity stakes. The company’s stated goal is to eventually control 5% of Ethereum’s total supply, a target that would give it one of the most concentrated ETH exposures in the market.
Chairman Thomas Lee has framed the strategy as a long-term conviction play, pointing to improving regulatory clarity in the U.S. and growing institutional acceptance as reasons to continue accumulating through volatility. While the firm is currently sitting on sizable unrealized losses, BitMine appears willing to absorb short-term drawdowns in pursuit of what it sees as a structurally scarce position in Ethereum.
