BitMine confirmed that it holds 3,726,499 ETH, equivalent to over 3% of the total supply, along with 192 BTC, bringing its total assets to $12.1 billion. Its massive Ethereum reserve reduces the circulating supply, creating demand pressure and a potential impact on prices and investor sentiment.
Institutional investors such as ARK Invest and Pantera Capital support BitMine’s strategy, while other firms have expressed concerns about liquidity. The company states that its decisions aim to build a bridge between traditional financial markets and the Ethereum ecosystem.
BitMine’s leadership, headed by Chairman Thomas Lee and CEO Chi Tsang, highlighted the firm’s experience in technology, DeFi, and financial services, aiming to strengthen its position as a central player in the Ethereum supercycle.
The current price of Ethereum (ETH) is around $2,740 per unit after a 10% drop in the past 24 hours, reflecting a widespread correction in the crypto market. Its trading volume surged 174%, surpassing $32 billion.
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