BitMine Buys $88M in Ethereum, Holdings Rise to 4M ETH; Shares Up 110%
BitMine announced a fresh $88 million purchase of Ethereum, bringing its total holdings to approximately 4 million ETH. The acquisition is part of the mining firm's broader treasury program launched in June, and management says the buy strengthens its crypto position on the balance sheet. The market has already reacted: BitMine shares are up about 110% since the program began, reflecting investor appetite for direct crypto exposure from public companies.
The move highlights growing corporate use of digital assets as treasury reserves, but also increases BitMine’s sensitivity to ETH price swings and regulatory or accounting changes. Analysts and investors will watch whether the company adopts hedging, staking, or other strategies to manage volatility and monetize the holdings. For now, the purchase underscores continued institutional demand for Ethereum among corporate treasuries.