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- BitMine now holds $13.7 billion in combined crypto, cash, and equity stakes.
- The company owns 3.4 million ETH, ranking as the world’s largest Ethereum treasury.
- Its stock ranks among the 60 most actively traded in the United States.
BitMine Immersion Technologies announced a significant milestone as its combined crypto, cash, and investment holdings reached $13.7 billion. The company, focused on long-term accumulation of digital assets, continues to strengthen its position as a key institutional player in both Bitcoin and Ethereum markets.
As of November 2, it is known that BitMine currently owns 3.4 million Ethereum at a price of $3,903 per Ethereum and 192 Bitcoins. It also owns $389 million in cash and a $62 million equity position in Eightco Holdings. This is part of its “moonshot” investments.
These figures place BitMine as the largest Ethereum treasury in the world and the second-largest overall crypto treasury, second to Strategy Inc with 640,808 Bitcoins. This is despite their focus on Ethereum accumulation and liquidity preservation through their large amount of liquid funds.
Ethereum Network Growth Signals Rising Adoption
BitMine’s Chairman, Thomas Lee, spoke of the “strong market fundamentals at play that drive our strategy.” The Ethereum network is also “exhibiting continued growth in stablecoin transactions and decentralized app revenue.”
In the past two months, the issuance of stablecoins on the Ethereum network increased by over 15%, with overall revenue to applications at record high levels. Notwithstanding market turbulence in recent weeks, BitMine sees the current state of the market as a welcome reset.
“Open interest in Ethereum futures contracts fell 45%, which is the largest drop in the history of the asset. This creates a clean slate for growth as prices begin to realign with fundamentals,” Lee stated.
BitMine increased its Ethereum holding by over 82,000 tokens towards the end of the last week of October. This brought its overall holding to approximately 2.8% of the total Ethereum in circulation. The target holding for the firm is 5% of the total Ethereum supply in the future. This is a clear testament to the future potential it sees in Ethereum.
Institutional Investors Boost BitMine’s Market Strength
The market activities of BitMine have made it one of the top stock market actions in the United States. Its current amount per day of 1.5billion places it 60th in the country, just behind Walmart.
Institutional investors remain attracted to the liquidity and strategic positioning of BitMine. After the huge liquidation witnessed on October 10, the crypto market is still in the process of recovering.
Despite this, market analysts have predicted increased volumes during the fourth quarter. This is especially during peak periods for crypto and stock markets. In fact, with 88% of global crypto trade volumes channeled between BitMine and Strategy Inc., it is apparent that BitMine is still leading in crypto finance.
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