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3d ago

BitMine Lifts Ethereum Hoard to 2.83 Million ETH After $823 Million Weekly Buy

Executives pitch the hoard as an AI-plus-crypto thesis with a staking plan targeting 5% of ETH.

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Bitmine immersion added $821m in ether, bringing cash and crypto holdings to $13.4b
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Overview

  • BitMine disclosed purchasing 179,251 ETH over the past week for roughly $820–$823 million, taking its holdings above 2.83 million tokens.
  • Total crypto and cash reserves now stand at about $13.4 billion, including $456 million in cash, 192 Bitcoin, and a roughly $113 million stake in Eightco Holdings.
  • The company ranks as the largest listed Ethereum treasury and the second-largest overall corporate crypto treasury, trailing only Strategy.
  • Management reiterates a long-term goal to own 5% of circulating ETH and to stake holdings, with Tom Lee arguing ETH is priced at a discount to its future.
  • BMNR shares jumped roughly 9%–11% on Monday after the update and pulled back Tuesday as ETH eased, underscoring the stock’s sensitivity to Ethereum’s price.