BitMine Adds $70 Million in Ether, Extending Its Bold ETH Accumulation Strategy

Mumbai, Nov. 6 — Ethereum-focused treasury firm BitMine Immersion Technologies has continued its aggressive ether buildup, adding another 20,000 ETH worth roughly $70 million to its holdings on Thursday. On-chain data shows the fresh purchase moved into company-linked wallets, marking another step in BitMine’s ongoing quest to secure a larger share of Ethereum’s circulating supply.

A Week of Steady Buying

This latest inflow follows several significant purchases in recent days. On November 3, BitMine announced a 82,353 ETH acquisition valued at about $300 million. That buy pushed its total holdings to around 3.4 million ETH, or nearly 3% of the total supply, as it reaffirmed its goal of reaching 5%.

Additional market activity suggests that BitMine has maintained a consistent buying rhythm:

• Late last month, 27,316 ETH (about $113 million) moved from BitGo-custodied addresses to BitMine.
• Over the weekend, 7,660 ETH (approximately $29 million) was routed through Galaxy Digital’s over-the-counter desk.
• Blockchain trackers also spotted another 20,020 ETH purchase last month via FalconX, matching the current pace of accumulation.

These transactions highlight BitMine’s preference for OTC trades and custodian settlements, which allow it to build its position without triggering major price swings.

Aiming for the “Alchemy of 5%”

BitMine’s internal initiative dubbed the “alchemy of 5%” campaign reflects its strategic ambition to control a meaningful portion of Ethereum’s total supply. Its November disclosure indicates that the firm holds multi-billion-dollar ether reserves, alongside smaller bitcoin and cash positions. This aggressive buying has helped support ETH prices, especially during periods of volatility, as analysts note that BitMine’s purchases often coincide with market rebounds near key technical zones.

While today’s $70 million addition may appear modest next to earlier $300 million–$800 million purchases, it represents a steady accumulation trend that compounds over time. With ether trading in the mid-$3,000 range and staking yields adding a carry benefit, BitMine’s blend of OTC and custodian-based transactions positions it well to achieve its 5% target. Market watchers are now left to assess how much of this persistent demand has already been reflected in ETH’s current valuation.