Bitcoin (BTC) and Ethereum accumulation continues to accelerate amongst major crypto treasury companies, with Bitmine Immersion Technologies (BMNR) adding a new tranche to its substantial ETH holdings. According to the latest reports, Bitmine recently acquired more than 65,000 ETH, doubling down on its crypto strategy even as geopolitical tensions and weak investor sentiment weigh on the broader crypto market.
Bitmine Ethereum Holdings Hit 4.66 Million ETH
In a March 23 press release, Bitmine announced that its Ethereum holdings have risen to exactly 4,660,903 ETH following its latest purchase. The digital asset treasury acquired an additional 65,341 ETH, valued at above $138 million, in the past week. Notably, Bitmine has been on a major accumulation spree throughout March, consistently buying large amounts of ETH worth millions of dollars. This latest purchase marks its third consecutive weekly buy this month.
Between late February and early March, the company bought 51,000 ETH at an average price of $1,976 per coin. Around March 9, it added another 60,976 ETH at $1,965 per token. By mid-March, Bitmine’s holdings had risen to 4,595,562 ETH after acquiring 60,999 ETH the same week. Following this, the company executed its most recent purchase at roughly $2,072 per ETH.
After acquiring more Ethereum, Bitmine’s total cryptocurrency and cash holdings have increased to approximately $11 billion, with cash reserves accounting for $1.1 billion of this total. The company remains the largest ETH treasury in the world, led by its founder, Tom Lee, and current CEO, Chi Tsang.
Bitmine currently holds 3.6% of Ethereum’s total circulating supply, which is over 120.6 million. At the pace and scale of its aggressive accumulation strategy, the treasury company has shown clear intent to expand its stake to 5% of ETH’s supply, a milestone that could propel its holdings to roughly 6 million ETH.
Notably, Bitmine continues to purchase Ethereum despite US-Iran war tensions and broader market decline influencing ETH’s price performance. The company appears to be leveraging the market weakness to increase its holdings at relatively lower prices, underscoring its confidence in Ethereum’s long-term recovery potential and sustained growth trajectory.
Lee has echoed similar bullish sentiments, publicly stating that the crypto winter is finally nearing its end. The Bitmine CEO has maintained a consistently optimistic outlook on Ethereum, with his most ambitious projection suggesting that the cryptocurrency could hit $250,000. He attributed this potential surge to a full-scale tokenization supercycle, in which Ethereum becomes a core infrastructure layer for Wall Street.
Bitmine’s Bitcoin Holdings
In addition to Ethereum, Bitmine has also been accumulating Bitcoin. In its press release, the company revealed that its Bitcoin stash has now increased to 196 BTC, adding just one coin to the 195 BTC it had held since early March.
Unlike its large weekly ETH purchases, Bitmine’s Bitcoin holdings have seen only minimal changes, fluctuating slightly as the treasury company adds about one to three BTC regularly.
Featured image from iStock, chart from Tradingview.com
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