What happened?
BitMine Immersion bought over $827 million of ETH during a recent market crash, adding 202,037 ETH to bring its total to about 3,032,188 ETH (roughly 2.5% of circulating supply). The purchases came amid a liquidation cascade that wiped out more than $19 billion in leveraged positions and pushed crypto market cap down sharply. BitMine now holds roughly $12.9 billion in crypto and cash and is the largest public Ethereum treasury and the second-largest public crypto treasury overall.
Who does this affect?
This move matters to Ethereum holders and traders because concentrating millions of ETH in one public treasury changes supply dynamics and can influence price moves. It also affects BitMine shareholders and short-sellers—BMNR has been highly traded and volatile, dropping after a critical short report—and competing treasuries and institutional investors who track large holders. Finally, exchanges, liquidity providers, and leveraged traders are directly impacted because big buys and crash-driven liquidations increase volatility and can trigger further squeezes.
Why does this matter?
Big, concentrated buying can reduce available float and provide price support, especially as Ethereum readies upgrades like Fusaka that analysts say could boost longer-term demand and even push price targets higher. At the same time, it raises centralization and systemic-risk concerns—if a massive holder moves or liquidates, volatility could spike and ripple across markets. Overall, BitMine’s accumulation signals growing institutional conviction which can pull more capital into crypto markets, change trading flows, and influence market caps and price discovery.