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BitMine Immersion Technologies has expanded its already massive Ether portfolio, completing its second major purchase this week and cementing its lead as the largest corporate holder of the asset. On Wednesday, blockchain tracking platform Lookonchain reported that the company acquired 46,255 Ether worth roughly $200 million across three transactions facilitated by custody provider Bitgo.
The latest move pushes total Bitmine Ethereum holdings above 2.1 million ETH, valued at more than $9.2 billion. This follows Monday’s headline-making purchase of 202,500 ETH, which first lifted the firm’s reserves over the two million milestone.
“Bitmine Ethereum holdings are setting the pace for treasury accumulation across the industry,” — Strategic ETH Reserve analysts noted in a market update. “Their two purchases this week nearly match the combined buying of all treasury firms last week.”
Bitmine’s aggressive strategy has widened the gap between its treasury and those of other public firms. The second-largest holder, Sharplink Gaming, currently controls around 837,000 ETH less than half of Bitmine Ethereum holdings.
Industry data shows that ETH-buying treasury firms collectively added 273,300 ETH last week, led by The Ether Machine’s 150,000 ETH buy. Bitmine added 74,300 ETH during the same period, but its latest week of activity far outpaces rivals.
“The scale of Bitmine Ethereum holdings demonstrates a strategic commitment to Ethereum as a core digital reserve,” — Greg Cipolaro, Global Head of Research at NYDIG, told Cointelegraph. “But such concentration also raises questions about liquidity risks if selling pressure emerges.”
In contrast to the surge in Bitmine Ethereum holdings, Bitcoin treasury buying has cooled this week. Public companies purchased around $60 million worth of Bitcoin, down significantly from last week’s volumes.
The largest single buyer was Pop Culture Group (CPOP), which acquired 300 BTC for $33 million on Wednesday. The news sent its stock price soaring 40% intraday before closing with a 12.5% gain at $1.62. Other buyers included Japan’s Metaplanet with 136 BTC ($15 million) and the UK-based Smarter Web Company with a $3.4 million purchase.
Oil and gas shipper Robin Energy (RBNE) saw its shares surge over 150% in early trading after announcing a $5 million Bitcoin purchase, though the rally quickly faded. By contrast, Ethereum-linked moves particularly the scale of Bitmine Ethereum holdings have had a steadier impact on investor sentiment.
Beyond outright purchases, companies promising crypto exposure have seen dramatic and volatile stock moves. Hong Kong’s QMMM Holdings rocketed 1,700% after pledging to spend $100 million on Bitcoin, Ethereum, and Solana, before retreating nearly 50% the next day. Similarly, Eightco Holdings soared 3,000% after announcing a $270 million raise to buy Worldcoin, only to fall 40% two days later.
For analysts, the trend underscores how corporate crypto strategies, whether through active purchases or stated plans, are driving outsized market reactions. Yet the sustainability of such rallies remains uncertain.
“Premiums on crypto-buying companies are falling, and a bumpy ride may be ahead,” — Cipolaro of NYDIG cautioned. “As more firms pursue listings, a substantial wave of shareholder selling could pressure valuations.”
For crypto investors, the surge in Bitmine Ethereum holdings signals growing institutional recognition of Ether as more than a speculative asset. With over $9 billion committed, Bitmine has effectively positioned itself as Ethereum’s largest corporate backer.
Still, questions remain about concentration risks and whether such aggressive accumulation could amplify volatility in times of market stress. As Ethereum ETFs gain traction and institutional interest broadens, Bitmine Ethereum holdings will likely serve as a bellwether for how far corporate treasuries are willing to go in integrating Ether into their balance sheets.
At the same time, the scale of Bitmine’s commitment may pressure peers and competitors to follow suit. If other listed firms seek to emulate its strategy, investors could see a wave of ETH accumulation across corporate treasuries, further tightening supply and potentially influencing long-term price dynamics.
