BitMine boosts Ethereum treasury with $113m as price holds above $4,000

BitMine is strengthening its position as the world’s largest corporate Ethereum treasury holder as market volatility continues.

BitMine Immersion Tech recently acquired 27,316 ETH worth $113 million, according to on-chain data from Lookonchain. This latest addition brings the mining and technology firm’s total Ethereum holdings to 3.31 million ETH, now valued at approximately $13.3 billion.

Overall, BitMine’s portfolio is worth $14.2 billion, including its Ethereum ( ETH ) holdings purchased at an average of $4,164 per token, 192 Bitcoin, an $88 million stake in Eightco Holdings, and $305 million in cash reserves. The company now controls about 2.8% of Ethereum’s circulating supply, marking steady progress toward its goal of owning 5%.

Chairman Tom Lee recently attributed the company’s aggressive strategy to the market rebound following the October liquidation event, stating that “technicals for both Bitcoin and Ethereum are flipping positive.” He added that improving market structure and growing institutional participation are signaling the early stages of a stronger recovery cycle.

With BitMine’s latest purchase, market attention is once again turning to Ethereum’s price performance and on-chain momentum, as investors gauge how the asset will react to growing institutional demand.

BitMine deepens Ethereum bet as price looks primed to go higher 

ETH is currently trading at $4,033, down 1.1% over the last 24 hours but still up 4.45% for the week, per market data from crypto.news. 

The week began with a sharp surge that sent price up to $4,253 on Monday, but price was quickly rejected at that resistance and pulled back. By Tuesday, ETH hit a local low near $3,931 before recovering this morning to hold support and return above the $4,000 mark.​

With the asset now above this critical psychological level, the next directional move could be a powerful one. If broader market conditions remain steady and no major macroeconomic surprises surface, ETH looks positioned to retest the $4,250-$4,300 resistance zone. 

Ethereum price chart | Source: TradingView

On the whole, the recent price action snapping back above $4,000 after a brief dip suggests buying interest remains strong and ETH’s upward momentum could continue. The key for bulls will be reclaiming and closing above this week’s high to open a path to new multi-month highs.