BitMine's share of Ethereum supply hits 2.9% as firm's ETH holdings pass 3.5 million

BitMine Immersion Technologies, the world's second-largest crypto treasury, said its Ethereum holdings climbed to 2.9% of the total ETH supply after its most recent purchases.

"We acquired 110,288 ETH tokens over the past week, 34% more ETH acquired compared to the week prior," BitMine Chairman Thomas Lee said in a statement on Monday. "This pushed our ETH holdings to 3.5 million, or 2.9% of the supply of ETH. We are now more than halfway towards our initial pursuit of the 'alchemy of 5%' of ETH."

With 3,505,723 in Ethereum, worth about $12.3 billion at current prices, Bitmine is one of the world's largest crypto treasury companies, second only to Bitcoin treasury Strategy. ETH was trading at $3,528.37 as of 12:04 p.m. ET, down nearly 8% from a month prior, according to The Block Price Page.

Last week, BitMine's ETH holdings hit nearly 3.4 million after it added another 82,353 ether to its stockpile. BitMine's shares, ticker BMNR, were changing hands at $41.97 per share, up 4% on Monday.

The total market cap for crypto treasuries has been declining over the past month. At the end of last week, the total market cap for crypto treasuries holding BTC, ETH, or SOL, and excluding Strategy, Coinbase, and Tesla, had fallen to about $61 billion.

BitMine also said on Monday that its cash holdings had risen to $398 million. The company also owns 192 BTC.