BitMine Boosts Ethereum Holdings to Nearly $5B, Now Controls 1% of Supply

BitMine Immersion Technologies has taken a major step toward its goal of becoming one of the largest Ethereum holders in the world. The Las Vegas-based firm revealed on Monday that its Ethereum reserves have reached 1.15 million ETH, worth nearly $5 billion, following its biggest acquisition to date.

The latest buy added 317,000 ETH to BitMine’s treasury, building on a 208,000 ETH purchase disclosed just last week. This aggressive pace reflects the company’s ambition to own 5% of Ethereum’s circulating supply—roughly six million ETH—valued at over $25 billion at current market prices.

Ethereum was trading around $4,250 on Monday, up 19% in the past week and more than 70% higher since BitMine began its ETH-focused treasury strategy in late June. The rapid accumulation has not gone unnoticed by equity markets, with BitMine shares climbing 23% to $63 on Monday and more than doubling over the past five trading sessions.

In a presentation to shareholders, the company outlined a multi-pronged approach to growing its Ethereum holdings. Beyond direct purchases, BitMine plans to leverage staking to generate additional ETH rewards, acquisitions to boost per-share reserves, and the issuance of equity-linked securities—such as convertible debt—to finance further buying.

The presentation also teased a “Made in America Validator Network,” which would position BitMine as a key player in Ethereum’s proof-of-stake infrastructure. Another initiative, dubbed “BitMine MoonShots,” would allocate a small fraction of the treasury—less than 1%—to high-risk, high-reward ventures.

The firm’s aggressive accumulation strategy aligns with broader trends in the crypto market. Ethereum, the second-largest cryptocurrency by market capitalization, has surged over the past four months, more than tripling in value due to inflows from digital asset treasuries and the launch of spot Ethereum ETFs in the U.S. Analysts suggest that if macroeconomic conditions remain favorable, this momentum could fuel an altcoin rally, with Ethereum leading the charge.

BitMine’s growing stake places it among the top institutional Ethereum holders, alongside companies like SharpLink Gaming, with 600,000 ETH worth $2.5 billion, and The Ether Machine, with 345,000 ETH valued at $2.4 billion. With its latest acquisitions, BitMine has positioned itself as a dominant force in the Ethereum ecosystem, blending aggressive capital deployment with long-term infrastructure ambitions.