BitMine boosted its Ethereum holdings by over $1.7 billion in one week, now controlling more than 1% of total ETH supply amid record institutional inflows.
BitMine Immersion Technologies added 373,110 Ethereum worth $1.7 billion last week, raising its total ETH holdings to 1,523,373 worth $6.6 billion—over 1% of the total supply. This cements its position as the second-largest cryptocurrency treasury globally. The purchases follow a strategy launched two months ago, with plans to expand via a $20 billion stock offering. Chairman Tom Lee compared current conditions, including the GENIUS Act and SEC's Project Crypto, to the 1971 end of the gold standard in their potential impact on financial markets. Ethereum ETFs also saw unprecedented institutional inflows, with over $1 billion invested in a single day, pushing total ETF-managed ETH assets above $10 billion. Combined with treasuries like BitMine and SharpLink Gaming, institutional holdings now exceed 8% of ETH supply. BMNR stock fell 2.4% but has gained 31% in a month, while ETH rose about 21.5% over the same period despite recent losses.