Bitmine Immersion has intensified its presence in the cryptocurrency market by purchasing 44,463 ETH valued at approximately $130 million. This acquisition elevates the company”s total Ethereum reserves to 4,110,525 ETH, translating to a staggering $12.02 billion in assets, according to a recent press release.
With this latest transaction, Bitmine now controls 3.41% of the total Ethereum supply. The company also holds 192 BTC and maintains around $1 billion in cash, further solidifying its position as a major player in the crypto space. Additionally, Bitmine has a $23 million investment in Eightco Holdings (ORBS), positioning it as the second-largest corporate treasury in the cryptocurrency sector, boasting total holdings of $13.2 billion.
Tom Lee, chairman of Bitmine, emphasized the firm”s commitment to enhancing stockholder value through strategic acquisitions of ETH. He stated, “Bitmine”s sole focus remains creating stockholder value, achieving this by accretively acquiring ETH per share, optimizing yield and income on its ETH holdings.”
The market reacted positively to Bitmine”s announcement, with BMNR stock experiencing a 4% surge, reaching above $29.53. Despite closing 2% lower at $28.31 on the previous Friday, the stock has maintained a year-to-date return of 290%. However, the trading volume for BMNR has declined significantly, from $1.7 billion to approximately $980 million last week, indicating a slowdown in market activity as the year draws to a close.
As the broader market remains volatile, the price of ETH is currently hovering around $2,926. Analysts have pointed out that Ethereum needs to maintain a price above $3,000 to avoid a potential downturn. Michael van de Poppe, a noted market analyst, has highlighted the importance of breaking through the resistance levels of $3,050 to $3,150 for any upward momentum, with a possible target rally to $3,700.
The derivatives market shows mixed sentiment, with total ETH futures open interest only slightly increasing by 0.2% in the past hour. In contrast, 24-hour futures have jumped over 2.30% to $38.04 billion, indicating a resurgence of trading interest. However, a decline in open interest on platforms like CME and Binance raises questions about the market”s overall strength.
In light of these developments, Bitmine is urging its stockholders to participate in upcoming votes for key proposals at the annual stockholder meeting scheduled for January 15, 2026. These proposals include electing eight directors, increasing the number of shares, and approving the 2025 Omnibus Incentive Plan.
