BitMine, an Ethereum-focused company, has taken advantage of ETH's recent dip below $4,000 to significantly expand its holdings. The firm disclosed on September 29 that it purchased over 200,000 ETH during the week, lifting its total to 2.6 million ETH. This stash, at current market prices, is valued at $10.9 billion and now represents more than 2% of Ethereum's circulating supply.
BitMine Chairman Thomas "Tom" Lee, who also leads Fundstrat, explained that the company's buying spree reflects a long-term conviction in Ethereum's role at the intersection of crypto and artificial intelligence. He described the purchases as "buying ETH at a discount to the future," arguing that both industries will remain critical drivers of innovation for decades. Lee stated: "We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system. And the majority of this is taking place on Ethereum."
BitMine's goal is to own 5% of all ETH, which it refers to as the "alchemy of 5%" to benefit from Ethereum's long-term network effects. The company's balance sheet extends beyond Ethereum, including 192 Bitcoin worth roughly $21.5 million, a $157 million position in Eightco Holdings categorized as "moonshots," and $436 million in cash reserves. Together, these assets bring BitMine's total value to $11.6 billion, reinforcing its status as the largest single Ethereum treasury and the world's second-largest crypto treasury overall, trailing only Strategy (formerly MicroStrategy).
This expansion has translated into significant stock market activity, with BitMine ranking 26th among the most actively traded US equities as of September 26, with an average daily trading volume of $2.6 billion. Shares rose 3% in premarket action alongside a weekend bounce in ETH's price to $4,110.
