BitMine Immersion Technologies, listed on the NYSE American, announced that its Ethereum (ETH) holdings have reached 3.5 million tokens, reinforcing its position as one of the world’s largest institutional holders of the cryptocurrency.
BitMine Immersion Acquires 110K #ETH Worth $400M Last Week!@BitMNR has announced the purchase of 110,288 $ETH last week. This $400 million addition that pushes its total Ethereum holdings to 3.5 million ETH, representing 2.9% of the entire circulating supply.
As of now,… pic.twitter.com/KhdUaeOr8E
— Crypto Miners (@CryptoMiners_Co) November 11, 2025
According to the company’s disclosure, 112,880 ETH were acquired last week alone, bringing its total to approximately 3,505,000 ETH , which is about 2.9% of Ethereum’s total circulating supply. Based on the current market price of around $3,543 per ETH, the company’s Ethereum portfolio is valued at roughly $12.42 billion (USD).
BitMine reported that its combined holdings, including digital assets, cash, and other investments, stood at $13.2 billion as of November 9.
Aggressive Accumulation Strategy Despite Unrealized Losses
The company’s latest purchase represents a 34% increase from the previous week, reflecting an ongoing accumulation strategy despite volatile conditions in the crypto market.
Analyst estimates suggest BitMine’s average acquisition cost per ETH is about $4,020, meaning the firm currently faces an unrealized loss of roughly $1.66 billion or about $477 per token based on current market prices.
While these figures were not included in BitMine’s official statement, analysts note that the discrepancy between the average purchase price and current value may place short-term pressure on the firm’s financials.
Still, the company’s continued buying spree signals strong confidence in Ethereum’s long-term fundamentals. BitMine’s approach mirrors that of major institutions that built substantial Bitcoin reserves in prior market cycles.
Institutional Strategy and Market Implications
BitMine maintains significant liquidity alongside its crypto portfolio, allowing flexibility to sustain its accumulation strategy regardless of market volatility.
Financial analysts interpret the move as part of a broader trend of institutional capital returning to Ethereum ahead of anticipated network upgrades and the expansion of tokenized assets.
With this position, BitMine Immersion Technologies joins a small group of entities , including major crypto funds and blockchain infrastructure firms , that collectively hold a meaningful share of the Ethereum supply.
