Publicly traded company BitMine Immersion Technologies bought into the cryptocurrency market decline over the weekend by increasing its Ethereum (ETH) holdings to 202,037 ETH, bringing its total ETH holdings to over 3 million ETH.
BitMine's total Ethereum holdings exceed $3 million.
BitMine, a Bitcoin (BTC) and Ethereum network company listed on the New York Stock Exchange (NYSE), announced today that it purchased an additional 202,037 ETH during last weekend's cryptocurrency market crash. In particular, the market crash led to massive liquidations worth $19 billion.
According to the announcement, BitMines' total cryptocurrency holdings currently consist of 3,032,188 ETH, with an average price of $4,154. The company also holds 192 BTC, $135 million worth of Eightco Holdings shares, and $104 million worth of unrestricted cash.
BitMine remains the world's largest publicly traded Ethereum vault and the second-largest overall global cryptocurrency vault, behind Michael Saylor's strategy, with a total of over $73 billion in digital assets on its balance sheet. BitMine Chairman Tom Lee said:
Cryptocurrency liquidations over the past few days have pushed the price of ETH down, and BitMine has taken advantage of this. We acquired 202,037 ETH tokens over the past few days, bringing our ETH holdings to over 3 million, or 2.5% of the ETH supply. We are now more than halfway through ETH’s initial pursuit of the ‘5% alchemy’.
BitMine’s share is also receiving renewed attention as ETH betting continues to grow. The company's stock, BMNR, is currently trading at $54.45, up 3.4% at the time of writing.
Based on average five-day trading volume, BMNR was the 22nd most traded stock on US-based exchanges on Friday, with $3.5 billion in trading volume, according to recent data from BitMine.
Opinions on ETH utility remain divided
Ethereum is receiving unprecedented attention as a viable corporate treasury asset in 2025, but some industry experts are still on the fence. The strongest opposition comes from staunch Bitcoin defenders.
For example, recent Bitcoin maximalist Nick Szabo warned He added that Ethereum has “fundamental problems” and that most use cases are largely unrelated to ETH’s market value.
Likewise, cryptocurrency entrepreneur Samson Mow. famous The price of ETH is “supported” by $6 billion in Korean retail currency. He is Ethereum’s latest optimistic Price action is not entirely driven by market demand.
That said, some ETH bulls are solidly supporting the digital asset. SharpLink CEO Joseph Chalom recently said: mention Ethereum is a superior financial asset compared to BTC. At press time, BTC is trading at $4,165, up 1% over the last 24 hours.
Featured image from Unsplash.com, Chart Finance from Yahoo! and TradingView.com
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