BitMine ETH Buying Spree Pushes Holdings Past 2.1 Million

Blockchain technology firm BitMine Immersion Technologies has reinforced its position as the largest Ether (ETH) holder among public companies, adding $200 million worth of ETH in its second major purchase this week

The acquisition, completed through digital asset trust Bitgo, involved the purchase of 46,255 ETH in three transactions on Wednesday, according to on-chain data.

BitMine ETH Treasury Sees Record-Breaking Growth

BitMine began the week by acquiring 202,500 ETH on Monday, helping it surpass the 2 million ETH milestone for the first time. With Wednesday’s latest purchase, the company’s total Ether holdings now stand at over 2.1 million ETH, valued at $9.2 billion after a 2% price increase in the past 24 hours

This acquisition widens the gap between BitMine and the second-largest ETH holding public company, Sharplink Gaming, which holds over 837,000 ETH.

According to Strategic ETH Reserve data, BitMine’s two purchases this week alone almost equal the amount acquired by treasury firms last week, which totaled 273,300 ETH. The previous week’s activity was led by The Ether Machine’s 150,000 ETH purchase, followed by a 74,300 ETH acquisition by BitMine.

Bitcoin Buys Slow but Share Prices Climb

While ETH treasury buys have surged, Bitcoin-related purchases have slowed. Public companies have made just four Bitcoin purchases this week, totaling roughly $60 million—a significant drop compared to the previous week.

Pop Culture Group (CPOP), which promotes Chinese hip hop, emerged as the largest buyer with a $33 million acquisition of 300 BTC on Wednesday. The announcement sent its share price soaring over 40% in early trading, though it closed at a 12.5% gain by day’s end.

Similarly, oil and gas shipper Robin Energy (RBNE) saw its stock rise over 150% in early trading after announcing a $5 million Bitcoin purchase. It later fell to a 21% daily gain and dropped another 25% after the market closed.

Other notable buys this week include the UK’s The Smarter Web Company’s $3.4 million purchase, Sweden’s H100 Group’s 21 BTC acquisition worth $2.4 million, and Japan’s Metaplanet’s 136 BTC purchase valued at $15 million.

As the crypto market sees record purchases in Ether, attention now turns to whether Bitcoin’s lagging buys will catch up or remain subdued.

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