BitMine’s Record ETH Purchase Stirs Crypto Market

While the crypto market shows signs of recovery, BitMine Immersion Technologies stands out with a $321 million Ethereum purchase. This operation places the company, listed on the NYSE, at the top of public ETH treasuries. At the helm, Tom Lee, co-founder of Fundstrat, orchestrates this bold bet in a climate of renewed risk-taking in the markets. This strong signal could redefine the balance of power between Bitcoin and Ethereum.

BitMine boosts its ETH treasury to a record level

Last week, BitMine Immersion Technologies made one of the largest Ethereum purchases ever recorded by a public company: 77,055 ETH were acquired for a total value of $321 million, while the company already held 3 million.

This announcement, made Monday by the company, comes as Ethereum gains ground in the market, with a 3 % rebound over the week and a peak observed at $4,246. This bullish context also pushed BitMine’s stock upward, with a rise of over 5 % on Monday, bringing the BMNR share to $53.15.

With this new acquisition, BitMine solidifies its status as the world’s largest institutional holder of ETH, far ahead of its competitors. Its treasury structure is now as follows :

• 3.313 million ETH, valued at $13.8 billion ;
• 192 BTC, representing about $22 million ;
• $305 million in available cash.

This positioning places BitMine at the top of corporate Ethereum treasuries, ahead of SharpLink Gaming ($3.58B in ETH). Across all crypto treasuries, BitMine ranks second, only surpassed by Strategy, holder of 640,800 BTC, valued at more than $73.6 billion.

A unique strategy amid crypto diversification

Beyond the numbers, BitMine’s strategy resonates directly with the words of its chairman, Tom Lee. He explained that the massive ETH purchase fits into an improving macroeconomic context, particularly on the US-China trade relations front.

“Progress in trade talks between the United States and China is a positive signal for Ethereum and the entire crypto market,” Lee stated. According to him, although crypto fundamentals are theoretically uncorrelated to stocks, Ethereum performance historically improves during rises in traditional markets.

This interpretation is notably based on research conducted by Fundstrat, which highlight an indirect correlation via leverage dynamics. When equity markets are in an upward phase, institutional investors tend to take on more risk, including in assets like Ethereum. This return of risk appetite after the recent crypto market capitulation thus offers, according to Lee, a favorable ground for a massive repositioning on ETH, despite ongoing volatility.

With this spectacular operation, BitMine and Tom Lee send a strong signal. Ethereum is now at the heart of crypto company treasury strategies, and perhaps soon other major public players according to Coinbase. It remains to be seen if this bet on a market recovery and a beneficial short-term correlation will be sustainable.