BitMine Expands ETH Holdings as Accumulation Cycle Strengthens

BitMine boosts its ETH reserves to 3.4M, controlling 2.8% of supply, marking strong institutional confidence in Ethereum’s growth.

Consistent ETH accumulation from July to November positions BitMine as a major force shaping Ethereum’s long-term market outlook.

With $13.7B in crypto assets and rising trading volumes, BitMine strengthens its dominance as the largest global ETH treasury.

BitMine Immersion Technologies has accelerated its Ethereum accumulation, reinforcing its position as the world’s largest ETH treasury. The company now holds 3.4 million ETH, valued at $13.7 billion as of November 2. This surge in accumulation signals renewed institutional momentum in the crypto market

According to CryptoGoos on X, BitMine has achieved only 55% of its total ETH target, leaving substantial room for additional growth. The company’s current position represents 2.8% of the total ETH supply, making it a dominant force in Ethereum’s market landscape.

Consistent Accumulation from July to November

Between mid-July and early November, BitMine maintained steady ETH accumulation, recording multiple inflows across consecutive weeks. The company began the cycle with a 300,700 ETH increase between July 13 and July 20, followed by 266,100 ETH on July 27. Another 208,100 ETH was added by early August, sustaining the growth rhythm. Significant boosts occurred on August 17 and August 31, with 317,100 ETH and 276,800 ETH respectively.

Source: CryptoGoos

Besides, the pattern continued through September with smaller yet consistent increases. The reserves grew by 82,200 ETH early in the month and later by 214,000 ETH and 234,800 ETH. By October, BitMine advanced its holdings by an additional 179,300 ETH, followed by 202,000 ETH on October 12 and 203,800 ETH a week later. The last visible increase came on November 2, when the company added 77,100 ETH, bringing its reserves near the 3.31 million ETH mark.

Strategic Strength and Financial Performance

BitMine’s total market capitalization stands at $13.28 billion, with cash reserves of $389 million. The company’s earnings per share (EPS) growth reached +189.13%, and its mNAV ratio stands at 1.09. Consequently, BitMine has achieved 54.8% progress toward its strategic accumulation target.

Chairman Thomas “Tom” Lee emphasized Ethereum’s improving fundamentals, citing a 15% rise in stablecoin supply and record on-chain application revenues. “We increased our cash holdings to $389 million (from $305 million) and acquired 82,353 ETH tokens over the past week,” said Lee.

Trading Volume and Market Position

BitMine has emerged among the most traded U.S. stocks, averaging $1.5 billion in daily dollar volume as of late October. The company ranks 60 nationally, trailing just behind Walmart. Moreover, BitMine and MicroStrategy together account for 88% of all global digital asset trading volume.

Lee noted that crypto’s largest-ever liquidation on October 10th led to a healthy market reset. “This reset is healthy and sets the stage for price and fundamentals to eventually converge,” he said.

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