BitMine Immersion Technologies, a publicly traded Bitcoin mining company, has added 373,000 Ether tokens to its treasury over the past week. The purchase brings its total holdings of the world’s second-largest cryptocurrency to 1.52 million ETH, valued at around $6.6 billion.
The move comes as interest in the Ethereum ecosystem has grown in recent months.
Despite its aggressive accumulation, BitMine’s share price has fallen. Data from Google Finance shows the company’s stock dropped 14.2% since 11 August, the same period in which it expanded its Ether reserves.
The “Alchemy of 5%” Strategy
BitMine’s Chairman, Thomas Lee, explained the move as part of the firm’s long-term strategy. The company aims to acquire 5% of the circulating Ethereum supply, a plan it calls the “alchemy of 5%.”
Company spokesperson Marcy Simon added that the strategy has already attracted institutional investors. “Ethereum is seen as the place where Wall Street is building the 21st-century banking and payment rails and as AI builds the token economy on Ethereum,” she told Cointelegraph.
BitMine Leads Corporate Ether Holders
According to industry tracker Strategic ETH Reserve, the mining company is now the largest corporate holder of Ether, controlling 1.3% of the overall supply. SharpLink Gaming holds the second-largest amount, with 729,000 ETH worth about $3.2 billion, while The Ether Machine ranks third with 345,000 ETH valued at roughly $1.5 billion.
Both BitMine and SharpLink Gaming have been racing to build their Ethereum treasuries. BitMine recently announced plans to raise $24.5 billion through an at-the-market stock sale to buy more Ether. Meanwhile, SharpLink has already raised $389 million for the same purpose.
