BitMine’s Ethereum acquisition is in focus after a recent $69 million buy, according to the source. The company added about 15,427 ETH via Galaxy Digital’s OTC desk through a series of strategic transactions designed to avoid market disruption. This BitMine’s Ethereum acquisition highlights a measured approach to exposure.
Largest ETH treasury holder
As a result, BitMine’s total crypto and cash holdings have surpassed $10.8 billion. The firm now stands as the largest Ethereum treasury holder globally and the second-largest public crypto treasury overall, according to the source. This positioning stems from BitMine’s Ethereum acquisition and its cumulative balance-sheet strategy.
Meanwhile, the company’s approach appears methodical. The OTC route, executed by Galaxy Digital, suggests a preference for liquidity and minimal slippage. Therefore, the accumulation aligns with a longer-term balance-sheet strategy rather than short-term trading, reinforcing the scale of BitMine’s Ethereum acquisition.
‘Alchemy of 5%’ strategy
Chairman Tom Lee said BitMine is pursuing an “alchemy of 5%” plan to accumulate 5% of the circulating ETH supply. He forecast a “supercycle for Ethereum,” citing Wall Street’s integration with blockchain and AI as tailwinds. These comments frame BitMine’s Ethereum acquisition as part of a broader thesis.
Key takeaways:
- Recent purchase: ~$69M for ~15,427 ETH via OTC.
- Holdings: over $10.8B in crypto and cash, per the source.
- Goal: build toward 5% of circulating ETH.
However, the timeline to reach 5% was not disclosed. The company did not provide additional details beyond the size of the purchase and its OTC execution.
For readers new to stable-value assets that interact with crypto treasuries, see our explainer on how stablecoins work.
Ethereum remains central to institutional strategies, and BitMine’s Ethereum acquisition underscores that trend.
