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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/22/2026

BitMine Buys $75M in Ether, Approaches 5% of Total ETH Supply

What happened: BitMine Immersion Technologies disclosed a purchase of 27,562 ETH (~$75.

BitMine Buys $75M in Ether, Approaches 5% of Total ETH Supply

What happened: BitMine Immersion Technologies disclosed a purchase of 27,562 ETH (~$75.2 million) last week, bringing its total Ethereum holdings to 5,983,940 ETH, or roughly 4.9% of the circulating supply. The company's total treasury now stands at $17.1 billion, with $16.1 billion in crypto assets. Chairman Tom Lee stated that institutions remain underweight in crypto, citing Ethereum's 76% Q3 gain versus the S&P 500's 2% as a catalyst for increased institutional exposure in Q4.

Why it matters: BitMine's aggressive accumulation solidifies its position as the largest Ethereum treasury and highlights a potential shift in institutional sentiment. With over 5 million ETH staked at a 2.62% yield (projected $357 million annual staking revenue), BitMine's strategy may pressure other large allocators to follow suit, especially as traditional assets underperform. However, some analysts question the sustainability of such bullish forecasts, with contrarian views calling Tom Lee's $6,000 ETH target for December optimistic.

Source: CoinDesk