BitMine Reaches 2% of Total Ethereum Supply as ETH Faces Correction

BitMine has hit a major milestone by acquiring over 2% of the total Ethereum supply, solidifying its position as a leading Ethereum treasury firm.

BitMine ETH Holdings

The firm now holds 2,416,054 ETH, valued at roughly $10 billion, representing 2% of the total 121 million ETH in circulation. BitMine’s long-term objective is to accumulate 5% of Ethereum’s total supply, equivalent to around 6 million tokens.

The company has already secured 46% of all Ethereum acquired by treasury firms this year, highlighting its dominant role in institutional Ethereum accumulation. Recent fundraising efforts, including a $365 million stock sale with warrants, could bring in nearly $1 billion more if fully exercised, providing additional capital for ETH acquisition.

ETH Price Correction

Ethereum faced a pullback this week, with ETH trading near $4,200. Prices remain at the lower bounds of a six-week trading range, showing support but hinting that the September correction may continue. The recent market volatility led to a 10% drop in BitMine stock (BMNR), though it remains over 1,200% higher since the company began its Ethereum accumulation in June.

Market Outlook

Despite short-term corrections, BitMine’s accumulation strategy positions the firm as a key player in Ethereum’s institutional adoption. The focus remains on stabilizing ETH prices and monitoring the broader crypto market for opportunities during the ongoing September correction.