BitMine tops 6 million ETH in holdings after fresh $46.82 million buy

CoinDesk reports that Tom Lee, chairman of BitMine Immersion Technologies (BMNR), is doubling down on Ethereum and steadily expanding the company's exposure. BitMine positions itself as the world's largest Ethereum treasury firm and, despite a brief cooling in the crypto market, kept its weekly accumulation largely intact. Onchain analytics platform Lookonchain said BitMine added 17,362 ETH over the past week, a purchase valued at about $46.82 million. Market watchers see the transaction as part of a long-term accumulation plan rather than a short-term trade. The buy came after ETH slipped from a recent high near $2,700 and resumed a downward trend, signaling the company may have been buying the dip. The latest addition pushed BitMine's Ethereum stash past 6 million ETH, a holding worth roughly $16 billion at current prices. BitMine's treasury now represents about 4.9% of ETH's circulating supply, reinforcing its position as the largest corporate holder of Ethereum. While the pullback has rattled some smaller holders, especially retail traders, Lee's continued accumulation has helped shore up confidence in Ethereum's near-term outlook.