- Bitmine Immersion now holds over 1.5% of ETH’s total supply.
- The entity holds a total of 1,866,974 ETH worth $8.1 billion.
- Analysts hope to see ETH price rally and set new ATHs soon.
The Ethereum (ETH) accumulation race continues to gain speed as more and more financial institutions and ETH treasuries aggressively accumulate the pioneer crypto asset. Presently, the ETH Treasury under Tom Lee’s leadership, Bitmine, is in the lead. In detail, Bitmine Immersion now holds over 1.5% of ETH’s total supply, with 1,866,974 ETH worth $8.1 billion in total value.
Bitmine Immersion Now Holds Over 1.5% of ETH’s Total Supply
This bull cycle has seen a lot more attention at the institutional level than ever before. To highlight, this is the first bull cycle where ETH accumulation outside of ETH whales has taken over. In the previous bull cycle, institutional accumulation began after El Salvador’s President Nayib Bukele announced that it made BTC a legal tender, and has since been steadily accumulating Bitcoin, changing the course of crypto history.
Following Bukele’s visionary lead, Michael Saylor of what is now called Strategy was inspired by this bold move and became a complete BTC advocate. He too, began to accumulate a vast amount of Bitcoin, and both entities have seen an incredible amount of gains from holding BTC since the last bull cycle. Even now, in the ongoing bull cycle, they continue to accumulate. While the BTC accumulators have had a huge head start, the ETH accumulators are just setting a new pace.
Ever since ETH completed its Ethereum 2.0 shift, the Ethereum ecosystem has been gaining a lot of institutional attention. Then the successful launch of both ETH and BTC ETFs led to global asset managers scrambling to accumulate as much BTC and ETH as they could. Now, with BTC and ETH at their current prices, where BTC is far beyond its ATH price of the last cycle, and ETH is just setting its first ATH this bull cycle, these institutions have shifted strategy.
Bitmine Holds $8.1 Billion Worth of ETH
To highlight, many have either started to accumulate more BTC over ETH, or have fully shifted to holding Ethereum (ETH) alone. Bitmine Immersion is one such entity, they have been rapidly and aggressively accumulating BTC, under the leadership of its Chair, Tom Lee. Lee believes that ETH will grow explosively this altseason with bull targets of $15,000 and $16,000 by the end of December 2025.
As we can see from the post above, Bitmine now holds a total of 1,866,974 ETH worth over $8.1 billion. This makes up for over 1.5% of the total ETH supply, bringing the entity closer to its goal of accumulating 5% of the total ETH supply. Bitmine’s shift call to the ETH accumulation race has allowed it to accumulate a huge chunk of the total ETH supply in a very short time, beating Saylor’s BTC accumulation efforts.
