BitMine Immersion Technologies acquired 42,197 ETH over the past week for roughly $73 million, the company said Monday in a holdings update.
BitMine now holds 5,742,237 ETH in its treasury—approximately 4.8 percent of Ethereum's circulating supply. The company trades on the NYSE under the ticker BMNR. Fundstrat's Tom Lee chairs its board.
BitMine operates as a pure-play ETH treasury, accumulating the asset directly rather than deploying it through liquid staking or lending protocols. Its average acquisition price for this tranche was approximately $1,730 per ETH; Ethereum currently trades at $1,878.
At that scale, BitMine ranks among the largest single-entity ETH holders outside major staking protocols and exchange treasuries. Any large-scale rebalancing or divestment would carry real market impact given the concentration.
The position also carries latent governance weight. If BitMine chose to delegate its voting power, it could influence outcomes on major Ethereum Improvement Proposals—though the company has not indicated any intent to do so.
Ethereum spot ETFs received approval in May 2024. BitMine's direct on-chain accumulation represents a separate institutional pathway into the asset, one visible in real time through on-chain transparency.
