- BitMine Immersion Technologies has accumulated 77,055 ETH over the past week, pushing its ETH holdings to 3.31 million, or 2.8% of the ether supply.
- The Ethereum price projects a short-term correction phase on the daily chart.
- ETH’s fear and greed rebounded to 53%, suggesting a neutral sentiment among market participants.
Since last week, the crypto market has witnessed a renewed recovery in the majority of major cryptocurrencies, including Ethereum. The ETH price has bounced from a weekly low of $3,710 to the current trading value of $4,212, accounting for 13.72%. The bullish upswing gained additional momentum as corporate firms continued to reflect their conviction in ETH amid market uncertainty.
BitMine Increases Digital Asset Holdings to $14.2 Billion
BitMine Immersion Technologies has bulked up its crypto balance sheet to an estimated $14.2 billion, indicating a significant jump in its accumulation approach, which is focused on Ethereum. The company’s recent filing lists 3.31 million ETH, 192 Bitcoin, $305 million in unencumbered cash, and an $88 million stake in Eightco Holdings, internally classified by the company as its “moonshot” investment.
With this accumulation, BitMine now controls 2.8% of the total Ethereum supply, which puts it past the halfway mark on its long-stated ambition of acquiring 5% of the token’s supply. “We increased our cash holdings to $305 million (from $219 million) and acquired 77,055 ETH tokens over the past week, pushing our ETH holdings to 3.31 million, or 2.8% of the supply of ETH,” said Thomas “Tom” Lee, chairman of BitMine and head of Fundstrat Global Advisors.
The firm’s crypto and equity investments make it the largest Ethereum treasury and second-largest digital asset holder in the world, behind only Strategy Inc. (MSTR), which has 640,418 BTC holdings valued at around $73 billion.
Trading Surge Places BitMine Among Top 50 U.S Stocks
BitMine’s shares have seen a sudden rise in liquidity, making it one of the most traded companies in the US. Over the last 5 trading days, the average dollar volume was $1.5 billion, placing the company at #46 in the nation, between Goldman Sachs (rank #45) and Amphenol (rank #47), as per the data provided by Fundstrat and Statista.
The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume,” Lee said to underscore how BitMine continues to lead its peers “by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.
BitMine’s list of investors includes a prominent group of institutional backers: ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, Galaxy Digital, DCG, and Lee himself.
Macro Shifts Shape BitMine’s Accumulation Strategy
Lee attributed the company’s recent round of accumulation to wider macroeconomic factors, stating that “the progress in trade talks between the US and China is positive for Ethereum and crypto broadly.” He also mentions that while the fundamentals of Ethereum and crypto seem “uncorrelated” to equities, Fundstrat’s work found that digital assets perform better while equities rise, projecting their linkage to broader ‘risk-on’ assets via the associated leverage channel.
Following the historical deleveraging in the crypto market on October 10, 2025, the open interest tied to ETH futures dropped to the same levels recorded on June 30th of this year, when the price traded around $2,500. “Given the expected supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” Lee added.
Referencing regulatory developments, Lee said, “The GENIUS Act and SEC’s Project Crypto are as transformational to financial services in 2025 as the US action on August 15, 1971, ending Bretton Woods and the USD on the gold standard 54 years ago.”
Despite the ongoing slowdown in the trading volume of cryptocurrencies, Lee expects to see a recovery with the reduction of geopolitical uncertainty. “We believe the easing of US-China trade tensions will encourage investors to stay with increased ‘open interest,’ and as such, associated trading volumes should improve in the coming weeks,” he said.
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