Ethereum Updates Today: BitMine's Acquisition of Ethereum Reflects the 1990s Telecom and Internet Boom

BitMine Immersion Technologies (BMNR) has ramped up its accumulation of

, now holding 3.5 million ETH, which is currently valued at about $11.2 billion . The Nasdaq-listed company, under the leadership of Fundstrat’s Tom Lee, , raising its total to 2.9% of Ethereum’s circulating supply . This makes BitMine the largest public company holding , overtaking Bitcoin-centric firms such as Strategy Inc. (MSTR) in terms of Ethereum assets . The company also has $398 million in unrestricted cash and has set aside $623 million for future acquisitions .

. BitMine’s aggressive ETH purchases come as Ethereum’s presence on centralized exchanges continues to shrink. that ETH balances on exchanges have dropped to their lowest levels in years, with Bitcoin now making up a larger share on platforms like Binance and Coinbase. as a key driver, with BitMine’s recent buy being among the largest institutional Ethereum acquisitions in recent times. Meanwhile, in surpassing major resistance points against , with the ETH/BTC pair hovering near long-term trend lines.

Institutional faith in Ethereum’s future is further highlighted by new investments and collaborations.

$102 million in BitMine, reflecting a calculated move to gain crypto exposure through conventional financial channels. In addition, in BitMine, acquiring $5.8 million worth of shares across its ETFs during a market slump. , such as U.S. approval for Ethereum staking ETPs, which could offer investors annual returns of 3–5%.

BitMine’s recent leadership changes have also attracted notice.

, succeeding Jonathan Bates, and brought on three independent board members, including Robert Sechan and Olivia Howe. Tsang highlighted BitMine’s mission to connect traditional finance with blockchain advancements, booms of the 1990s. The leadership shakeup comes after a tough stretch for ETH-related assets, as over four trading days at the end of October.

Despite ongoing market swings, BitMine is steadfast in its aim to secure 5% of Ethereum’s total supply. The company’s treasury approach stands out from recent sector sell-offs, as

from its September peak to around $3,200, with technical signals pointing to continued consolidation. Nevertheless, BitMine’s CEO noted that on Ethereum highlights the cryptocurrency’s potential for a “super cycle” in the coming decade.

The company’s assertive buying strategy could have a notable impact on Ethereum’s price trends. With 3.5 million ETH in its reserves, BitMine controls a substantial share of the available supply,

and affect market activity. could help stabilize Ethereum during market downturns, similar to Bitcoin’s treasury models. As and staking returns become easier to access, institutional adoption of Ethereum is likely to accelerate, with BitMine leading this transformation.