Company now holds over 2.1 million ETH, strengthening lead over rivals in corporate crypto adoption
BitMine Immersion Technologies has reinforced its position as the largest Ethereum-holding public company with another massive acquisition this week. The firm purchased 46,255 Ether worth $200 million from digital asset trust Bitgo on Wednesday, according to blockchain analytics reviewed by Lookonchain.
BitMine doubles down on ETH
This is BitMine’s second large-scale Ethereum buy in just three days. Earlier in the week, the company added 202,500 ETH to its reserves, pushing its holdings past the 2 million ETH milestone for the first time.
With Wednesday’s purchase, BitMine’s treasury now exceeds 2.1 million ETH, valued at over $9.2 billion following a modest 2% price increase in the asset. This makes BitMine the clear leader among ETH treasury firms, well ahead of Sharplink Gaming, which holds roughly 837,000 ETH.
Data from Strategic ETH Reserve shows that BitMine’s two acquisitions this week nearly match the total ETH purchased by all treasury companies last week. Other notable buyers include The Ether Machine, which purchased 150,000 ETH, and additional firms collectively acquiring over 273,000 ETH.
Market observers note that institutional demand for Ethereum is growing faster than Bitcoin among some treasury-focused companies.
Bitcoin activity lags but still impacts stock prices
In contrast, Bitcoin buying by public firms slowed this week to just four transactions worth a combined $60 million. The largest came from Pop Culture Group, which purchased 300 BTC valued at $33 million. The move boosted its share price more than 40% in early trading before settling to a 12.5% gain.
Other firms, including Robin Energy, The Smarter Web Company, Sweden’s H100 Group, and Japan’s Metaplanet, also announced smaller Bitcoin buys. Despite lower volumes, several of these companies saw sharp stock price increases tied to their crypto activity.
Analysts urge caution
While investor enthusiasm is evident, some experts caution against overconfidence. NYDIG’s global head of research Greg Cipolaro said premiums enjoyed by crypto-buying companies are starting to narrow. He warned that a “bumpy ride may be ahead” as firms face capital raises, merger activity, and potential shareholder sell-offs.
BitMine’s aggressive strategy signals growing confidence in Ethereum’s long-term role in institutional portfolios. With $9.2 billion in ETH reserves, the company is setting a precedent for how corporate treasuries may increasingly diversify beyond Bitcoin.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.