Bitmine Loads Up on 27K ETH as Market Slides

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The former major bitcoin miner has expanded its Ethereum treasury once again during a week in which the asset slumped by over 8% and dived to a multi-month low of $1,500 before it found some support.

Bitmine Immersion Technologies now holds just over 5.7 million tokens, equivalent to approximately 4.7% of Ethereum’s total circulating supply of 120.7 million coins.

Bitmine Buys Again

Based on an ETH price of $1,570 as of June 28, the company’s total crypto, cash, and investment holdings stand at roughly $10 billion. The firm has reinforced its position as the world’s largest corporate holder of ETH and the second-largest public crypto treasury behind Strategy, which announced a new initiative this week, not a new BTC purchase.

Chairman and long-term ETH bull Tom Lee acknowledged the recent weakness across the entire market but maintained that Bitmine’s long-term outlook remains unchanged.

“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins. We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” added Lee.

He doubled down on his belief that Ethereum will eventually benefit from Wall Street’s migration toward blockchain-based financial infrastructure and the emergence of agentic AI payment systems operating on crypto rails.

The price rebound has also increased interest among future traders betting on Bitcoin’s near-term price movements.

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