Bitmine adds 27,084 ETH, treasury now holds 4.7% of Ethereum supply
Macro & Markets ·
The purchase, made over the past week, pushed Bitmine Immersion Technologies' total ether holdings to 5.70 million tokens even as the broader market declined.
Bitmine Immersion Technologies disclosed the acquisition in a filing, according to prnewswire.com, which put total crypto and cash holdings at $9.8 billion. The company added 27,084 ETH despite a weekly price slide, a pattern noted by cryptopotato.com, which described the treasury as nearing 5% of Ethereum's circulating supply.
The scale of the holding places Bitmine among the larger corporate accumulators of ether, with its stake now representing 4.7% of Ethereum's total supply. theblock.co reported that the accumulation came through a challenging weekly slide and coincided with Bitmine joining the Russell 1000 index, a step that broadens the pool of institutional investors able to track or hold the stock passively.
Coverage from wublockchain.xyz confirmed the same figures, noting the 27,084 ETH purchase brought total holdings to 5.7 million tokens. The consistency across multiple outlets on both the size of the purchase and the resulting treasury total underscores that the numbers are not in dispute, even as the broader crypto market moved lower over the same period.
The continued buying during a price downturn stands out because it suggests Bitmine's accumulation strategy is not contingent on short-term price direction. What remains unclear from the disclosures is the specific timing of individual purchases within the week, the average acquisition price, and whether the pace of accumulation will continue at a similar scale in coming weeks. Also unresolved is how the Russell 1000 inclusion will affect trading volume or investor composition for the company's shares going forward, and whether other treasury holders will respond to Bitmine's position nearing the 5% supply threshold.