BitMine Expands Ethereum Holdings to 3 Million ETH as Market Volatility Triggers Strategic Buying

BitMine Immersion Technologies has expanded its Ethereum holdings beyond 3 million ETH, marking a new milestone that cements its position as the world’s largest Ethereum treasury. The firm now controls more than 2.5% of the total ETH supply as it advances toward its target of owning 5%.

As of October 13, BitMine’s combined crypto and cash reserves were valued at approximately $12.9 billion, with Ethereum making up nearly all of it. The company also holds 192 BTC along with equity stakes in multiple blockchain ventures.

Strategic Buying During Market Volatility

BitMine took advantage of the recent crypto market dip to add 202,037 ETH to its holdings, bringing the total to 3,032,188 ETH. The move came amid widespread liquidations and heightened volatility following leveraged sell-offs and major geopolitical developments.

The company’s strategy reflects its belief that temporary market dislocations create long-term opportunities. BitMine’s approach of buying when traders sell aligns with its broader goal of accumulating Ethereum as part of its digital asset treasury strategy.

Following the announcement, BitMine’s stock (BMNR) surged more than 8% on Monday to close at $56.85 before easing slightly in after-hours trading. The stock has soared more than 1,200% since the firm began accumulating ETH in late June.

Market Context and Industry Impact

Data shows BitMine and Strategy (MSTR) now account for nearly 88% of all global digital asset treasury trading volume, underscoring the growing influence of institutional players in the crypto accumulation trend.

SharpLink Gaming remains the second-largest Ethereum treasury holder, with 838,727 ETH valued at roughly $3.54 billion. Meanwhile, Strategy recently added 220 BTC worth around $27 million to its Bitcoin reserves.

Ethereum Market Outlook

Ether prices have stabilized after recent volatility, recovering from an intraday low of $4,060 to around $4,100 at the time of writing. Despite short-term fluctuations, analysts continue to forecast a potential breakout toward five-figure territory by early 2026.

In a related development, Bhutan reached a significant milestone this week by launching its national digital identity system on the Ethereum blockchain — a move that highlights the network’s expanding global utility and institutional relevance.