BitMine Immersion Technologies has made another major move into Ethereum (ETH), acquiring approximately $201 million worth of ETH in its second large-scale purchase this week.
BitMine adds $201 million worth of ETH to treasury via BitGo: Onchain Lens https://t.co/BvLSTHqKgl
— The Block (@TheBlock__) September 11, 2025
According to blockchain analytics platform Onchain Lens, the acquisition totaled 46,255 ETH, executed via custody provider BitGo and spread across three wallet addresses.
Just one day earlier, BitMine revealed it had purchased 202,469 ETH for $881 million, bringing its total Ethereum holdings to 2,126,018 ETH, valued at nearly $9.3 billion. This represents 1.75% of Ethereum’s circulating supply.
BitMine’s Aggressive Ethereum Strategy
Based in Nevada, BitMine shifted its strategy in June 2025 to classify cryptocurrencies as treasury assets. Since then, it has aggressively accumulated ETH while adopting an asset-light model focused on capital markets and staking yields.
The company’s long-term target is to acquire 5% of Ethereum’s total supply, aiming to become the largest publicly traded ETH holder in the world.
This bold strategy has paid off for shareholders as BitMine’s stock price has reportedly surged 970% since announcing its pivot to Ethereum.
Market Impact of Bitmine’s move
Following the latest announcement, Ethereum’s price surged past $4,400, climbing 3% in 24 hours. Analysts suggest BitMine’s rapid accumulation is a major driver behind ETH’s bullish momentum.
Other Nasdaq-listed firms, including SharpLink Gaming and Bit Digital, are also adding Ethereum to their balance sheets, signaling a broader wave of institutional adoption.
In addition, BitMine recently invested $20 million in Eightco Holdings via PIPE financing, supporting Eightco’s move to acquire Worldcoin (WLD) as a core treasury asset. The company also strengthened its leadership team by appointing David Sharbutt, a former American Tower executive, to its board of directors.
With these moves, BitMine is cementing its role as a pioneer in institutional Ethereum adoption, positioning itself as a symbol of the growing integration of cryptocurrencies into corporate finance.
