BitMine purchased 202,037 Ethereum worth approximately $827 million during the weekend market crash, pushing its total holdings past 3 million tokens. The world's largest corporate Ethereum holder now controls about 2.5% of the cryptocurrency's total supply.
Chairman Tom Lee described the acquisition strategy as "aggressive," capitalizing on price declines created by widespread liquidations. The company's average purchase price stands at $4,154 per token, with total holdings reaching $13.4 billion, including crypto assets, cash and equity positions.
BitMine's treasury now includes 192 Bitcoin valued at $22 million, $104 million in unencumbered cash, and a $135 million stake in Nasdaq-listed Eightco Holdings. The company reported $12.9 billion in crypto and related holdings as part of its diversified strategy.
The purchases occurred as Friday's market correction triggered a $19 billion liquidation event globally. Lee explained that volatility creates deleveraging opportunities, allowing assets to trade at discounts to their fundamental value and future potential.
BitMine has reached the halfway point toward its stated goal of acquiring 5% of Ethereum's circulating supply. The "alchemy of 5%" target represents approximately 6.04 million Ethereum at current circulation levels, requiring substantial additional purchases.
The company ranks as the 22nd-most widely traded stock on U.S. markets based on five-day average trading volume exceeding $3.5 billion. BitMine's stock activity reflects growing traditional investor interest in cryptocurrency treasury strategies.
However, BMNR shares declined 11% over the past five days following criticism from Kerrisdale Capital. The firm took a short position last Wednesday, questioning the business model's long-term viability.
Institutional backers, including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital, support BitMine's accumulation strategy. The company significantly outpaces competitors SharpLink and The Ether Machine, which hold approximately 838,730 Ethereum and 496,710 Ethereum, respectively.