BitMine Immersion Technologies purchased 98,852 ether last week, bringing its total holdings above 4 million tokens.

The acquisition valued at approximately $300 million at current prices pushes the firm's stack to 4,066,062 ETH.

BitMine now controls 3.37% of ethereum's circulating supply.

The company maintained $1 billion in cash reserves following the purchases.

Its ETH treasury alone stands at roughly $12 billion, cementing its position as the largest known corporate ethereum holder.

What Happened

The purchase came as ethereum slid from $3,170 on Monday to below $2,800 by Thursday last week.

The token has since rebounded above $3,000, lifting BMNR shares 4.5% in premarket trading.

Last week's addition followed a 138,452 ETH purchase the prior week.

BitMine chairman Thomas Lee said the 4 million milestone represents "tremendous" progress achieved in just 5.5 months.

The firm is targeting 5% of ethereum's total supply.

BitMine's $13.2 billion in combined holdings includes 193 bitcoin and a $32 million stake in Eightco Holdings alongside its ETH position.

Read also: Strategy Increases USD Reserve To $2.19B With $748M Stock Sale

Why It Matters

BitMine remains one of few digital asset treasury firms continuing aggressive accumulation during the market correction.

Most competitors have halted purchases or begun selling holdings as stock prices fell below net asset values.

The company sits on an estimated $3 billion in unrealized losses as ethereum trades 36% below its August peak.

Lee expressed optimism citing favorable legislation and strengthening Wall Street support for crypto assets.

BitMine ranks as the world's second-largest crypto treasury by total value behind Strategy Inc's bitcoin holdings.

The firm trades $1.7 billion daily on average, ranking 66th among US stocks by liquidity.

BitMine plans to launch its MAVAN staking infrastructure in early 2026 to generate yield on holdings.

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