The mining and investment firm has quietly vaulted into the ranks of the largest ETH holders on the planet, amassing a stake that exceeds 2% of the network’s total supply.

According to company filings, BitMine recently added 264,378 ETH to its balance sheet, taking its total stash to an eye-catching 2.4 million ETH. At current prices, the firm’s crypto and cash reserves now sit at roughly $11.4 billion, a war chest that puts it in the same conversation as the most influential players in the digital asset industry.

Ethereum’s role as the backbone of decentralized finance and smart contracts makes it a natural choice for long-term accumulation. Analysts suggest BitMine’s aggressive strategy is less about short-term speculation and more about securing influence in an ecosystem that continues to dominate blockchain innovation.

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“This isn’t just about holding coins,” one analyst said. “At this scale, you’re shaping liquidity, signaling institutional confidence, and positioning for a future where Ethereum remains at the center of DeFi and Web3.”

Looking ahead, BitMine has hinted it may diversify further, adding other assets or acquiring companies if conditions are favorable. For now, though, its ETH bet underscores a broader theme: institutions aren’t just dipping their toes into crypto anymore — they’re diving in headfirst.

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