BitMine Immersion’s War Chest Swells to $13.7B After Snapping Up 82,300 ETH

BitMine Immersion Technologies has expanded its Ethereum holdings once again, purchasing an additional 82,300 ETH over the past week and lifting its total crypto and cash assets to $13.7 billion as of November 2.

The latest accumulation cements BitMine’s position as the world’s largest corporate holder of Ethereum and the second-largest overall crypto treasury, behind Strategy Inc., which holds 640,808 BTC valued at around $71 billion.

BitMine Lifts Ethereum Treasury to 3.4M ETH, Eyes 5% Supply Target

According to the company’s announcement, BitMine now controls approximately 3.395 million ETH, worth $13.25 billion at current prices, alongside 192 BTC and $389 million in unencumbered cash.

Its portfolio also includes a $62 million stake in Eightco Holdings, part of what the company calls its “moonshot” investments.

With its current balance, BitMine now controls approximately 2.8% of Ethereum’s circulating supply, surpassing the halfway mark toward its declared goal of owning 5% of the total ETH supply, a target described by Chairman Thomas “Tom” Lee as the company’s “alchemy of 5%.”

“We are now more than halfway towards our pursuit of 5% of ETH,” Lee said, adding that October’s large-scale liquidation event “reset the market” and created new accumulation opportunities.

BitMine’s latest purchases follow a series of aggressive accumulations throughout October. On October 16, the company acquired more than 104,000 ETH, worth $417 million, through transactions traced to Kraken and BitGo-linked wallets.

Days later, blockchain data from Lookonchain showed another inflow of 27,316 ETH, worth $113 million, followed by the latest 82,300 ETH this week.

What Makes BitMine the Hottest Crypto Stock on Wall Street Right Now?

BitMine appears to be winning with its current strategy, with a $12.49B market cap and a 25% gain in 30 days.

Also, their EPS surged 180.1%, backed by $305M in cash and a 1.03 MNAV, showing strong profitability and a solid financial footing despite being 55% short of the target.

BitMine’s aggressive accumulation has drawn strong institutional backing from firms such as Cathie Wood’s ARK Invest, Founders Fund, Pantera Capital, Kraken, Galaxy Digital, Digital Currency Group, and veteran investor Bill Miller III.

The company’s market stature continues to grow beyond its crypto portfolio. BitMine’s American-listed stock (BMNR) has become one of the most actively traded in the United States.

Over the past week, its stock has averaged $1.5 billion in daily trading volume, ranking 60th nationwide, just behind Walmart and ahead of Marvell Technology.

Top 71 Entities Hold 6 Million ETH Worth $22.4 Billion

Across the corporate Ethereum treasury environment, BitMine’s lead is substantial. SharpLink Gaming ranks second, holding about 859,400 ETH valued at $3.6 billion, while The Ether Machine follows with 496,000 ETH worth $1.8 billion.

The Ethereum Foundation itself retains roughly 230,000 ETH, while Coinbase holds around 148,000 ETH in its reserve.

Collectively, the top 71 institutional and corporate holders now control about 6.06 million ETH, roughly 5% of the total supply, worth over $22.4 billion.

Data from strategic ETH trackers also indicates movements among other major entities in recent weeks.

Coinbase added nearly 12,000 ETH, while the Optimism Foundation increased holdings by 3,600 ETH.

Meanwhile, Zentry and Status reduced their balances, and PulseChain recorded a sharp outflow of 160,000 ETH.

Despite the accumulation trend among institutional players, Ethereum’s market price has been under pressure.

Ethereum (ETH) was trading around $3,587 at press time, down 3.5% in the past hour, 6.8% over the last 24 hours, and nearly 20% over the past month.