BitMine Adds 70,000 ETH as Treasury Value Dips With Ethereum’s Decline

BitMine Immersion Technologies has significantly expanded its Ethereum position, adding close to 70,000 ETH and lifting its total holdings to roughly 3% of the entire ETH supply, the company announced Monday.

Despite the accumulation, the recent price slump has shaved billions off the dollar value of its treasury.

BitMine now controls 3,629,701 ETH, worth approximately $10.2 billion at current prices. Just two weeks ago, the same stash was valued at more than $12 billion before Ethereum’s drop to around $2,800, a decline of nearly 30% over the past month.

The company attributed the market downturn to deteriorating liquidity conditions that began after October 10, along with weakening technical signals. BitMine reiterated its earlier forecast that Ethereum could revisit the $2,500 zone — a level the asset is now approaching. From here, the firm argues the downside risk has narrowed while the long-term upside remains tied to what it calls Ethereum’s upcoming “supercycle.”

The update follows BitMine’s recent financial results. The firm posted $328 million in net income for its fiscal year ending August 31 and announced plans to offer shareholders a dividend, a move aimed at providing more traditional returns alongside its ongoing crypto strategy.

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Earlier this year, BitMine also approved a share buyback program, making it one of the first digital asset treasuries to do so while continuing to accumulate Ethereum.

In addition to its massive ETH position, BitMine disclosed it holds 192 BTC, a $38 million equity stake in Eightco Holdings, and roughly $800 million in unencumbered cash. The company’s investor base includes major names such as Cathie Wood’s ARK Invest, DCG, Founders Fund, Galaxy Digital, and Pantera, as well as prominent individual investors including Bill Miller III and Tom Lee.