BitMine Acquires 110K ETH, Holding 2.9% of Total Supply

BitMine Immersion Technologies reported its Ethereum holdings reached 3,505,723 tokens, representing 2.9% of Ethereum's total circulation. The company holds $398 million in liquid funds, 192 Bitcoin units, and a $61 million investment in Eightco Holdings.

In the week ending Nov. 10, BitMine acquired 110,288 ETH, a 34% increase from the previous week's 82,353 tokens.
The firm is the largest corporate holder of Ethereum globally, while Strategy Inc leads with the largest crypto treasury overall.
BitMine's shares traded at a $1.6 billion daily average, ranking 48th among US-listed equities.

Price Declines and Market Challenges

Recent purchases occurred amid price declines, with Ethereum trading below recent buy levels.
Digital investment product outflows totaled $1.17 billion over the past week.
BitMine's acquisition coincided with market disruptions from DeFi security breaches.

Staking Criticism and Transparency Issues

Shareholders have expressed concerns about transparency and the decision not to stake Ethereum.
Blockchain analytics show discrepancies between reported and tracked Ethereum holdings.
SharpLink Gaming stakes its entire ETH treasury, prompting calls for BitMine to provide more clarity on asset management.

BitMine aims for 5% of Ethereum's total circulation, supported by institutional interest in blockchain-based asset tokenization despite short-term volatility.