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BitMine Immersion Technologies (BMNR), the world's largest corporate Ethereum treasury holder, has expanded its ETH reserves again as Chairman Tom Lee maintains his bullish stance on the cryptocurrency.
According to data from on-chain monitoring platform Lookonchain, BitMine acquired another 17,362 ETH worth approximately $46.82 million over the past week. The latest transaction extends the company's steady Ethereum accumulation strategy despite a recent slowdown across the broader crypto market.
The purchase comes as Ethereum slipped below its recent high near $2,700, suggesting BitMine may be taking advantage of lower ETH prices to increase its long-term holdings. Rather than treating the market weakness as a reason to reduce exposure, the company has continued building one of the largest Ethereum positions in the world.
Following the latest acquisition, BitMine's Ethereum holdings have surpassed the significant 6 million ETH milestone. At current market prices, the treasury is valued at roughly $16 billion.
BitMine's ETH reserves now account for approximately 4.9% of Ethereum's circulating supply, further strengthening its position as the largest corporate holder of the second-largest cryptocurrency by market capitalization.
The company's aggressive accumulation has made BitMine a closely watched participant in the Ethereum market. Its purchases have continued even during periods of volatility, reinforcing the firm's long-term strategy of maintaining substantial exposure to ETH.
Tom Lee has repeatedly expressed confidence in Ethereum's long-term prospects, while BitMine's continued buying provides a tangible demonstration of that outlook. The latest purchase is particularly notable because it occurred while ETH was trading below its recent peak, allowing the company to add thousands of tokens at a lower price.
Although Ethereum's recent pullback has pressured market sentiment among some retail investors, BitMine's latest $46 million purchase shows that the company remains committed to its accumulation strategy. With more than 6 million ETH now under its control, BitMine's future purchases could remain an important focus for investors tracking institutional and corporate demand for Ethereum.
