BitMine Increases Ethereum Holdings to 3.4 Million ETH Amid Market Dip

BitMine Immersion Technologies, led by Thomas Lee of Fundstrat, has significantly increased its Ethereum holdings, acquiring 82,353 ETH over the past week and bringing its total to approximately 3.4 million ETH, or 2.8% of the total supply. This move is part of BitMine's long-term strategy to accumulate 5% of Ethereum's circulating supply, underscoring growing institutional interest in Ethereum as a core treasury asset amid broader digital asset adoption. Despite recent market volatility and price dips, BitMine has bolstered its cash reserves to $389 million and holds 192 Bitcoin alongside its Ethereum assets, with combined crypto and cash holdings valued at around $13.7 billion. Analysts note that such large institutional purchases reduce Ethereum's availability on exchanges, potentially tightening supply and supporting price appreciation. The company's acquisition reflects confidence in Ethereum's strengthening fundamentals, including growth in stablecoins on its network and increasing staking activity. This institutional trend toward accumulating Ethereum is contributing to a shift in market sentiment, with long-term holders moving coins off exchanges into secure wallets, signaling strong belief in the network's future.