BitMine Expands ETH Holdings to $9.2B After Second Major Purchase in a Week

BitMine Immersion Technologies, a blockchain infrastructure firm, has purchased another 46,255 Ether (ETH). The company is now the world’s largest public ETH holder after making an acquisition of $200 million this week. BitMine now holds a total of 2.07 million ETH, which is valued at over $9.2 billion. According to the blockchain data analyzed by Lookonchain, the firm acquired 46,255 Ether (ETH) on Wednesday in three transactions with Bitgo, a digital asset custodian. BitMine also purchased 202,500 ETH on Monday.

BitMine Expands Its ETH Holdings

Together, the two purchases this week nearly rival the 273,300 ETH accumulated by all treasury firms combined last week, underlining BitMine’s aggressive strategy to corner the Ethereum market.

BitMine’s holdings now overshadow those of its closest competitor. Sharplink Gaming, the second-largest corporate ETH holder, manages around 837,000 ETH, less than half of BitMine’s total. Other notable buyers last week included The Ether Machine with 150,000 ETH and BitMine itself with a prior 74,300 ETH purchase.

The company’s rapid accumulation reflects a growing trend of non-Ethereum-focused firms adding Ether to their treasuries. Analysts say this wave of corporate adoption has provided momentum to ETH’s price, which climbed about 2% over the past day, adding to BitMine’s already hefty valuation.

While Ether has seen robust demand from corporate treasuries, Bitcoin buying slowed this week. Public firms recorded only about $60 million in BTC purchases, a sharp decline from the week before.

The biggest Bitcoin buyer was Pop Culture Group (CPOP), which acquired 300 BTC worth $33 million. Its announcement sent shares soaring more than 40% in early trading before closing with a 12.5% gain. Other buyers included Robin Energy (RBNE), The Smarter Web Company, H100 Group, and Japan’s Metaplanet, though their purchases were comparatively modest.

Crypto buys continue to fuel volatility in equity markets. Hong Kong’s QMMM Holdings rocketed 1,700% on news of a planned $100 million crypto purchase before retreating almost 50% a day later. Similarly, Eightco Holdings surged over 3,000% on a Worldcoin purchase plan before plunging 40% in subsequent trading.

NYDIG’s research head Greg Cipolaro warned that premiums for crypto-buying companies may not last, suggesting a “bumpy ride” ahead as shareholder sell-offs loom. Still, BitMine’s aggressive ETH strategy signals confidence in Ethereum’s long-term role in corporate treasuries and keeps the firm far ahead of the pack.