Major Digital Asset Firms Boost Ethereum Exposure
Major digital asset companies are significantly increasing their Ethereum holdings as the cryptocurrency market shows signs of recovery. BitMine Immersion Technology has expanded its Ethereum treasury to over 2.65 million coins, valued at more than $11 billion at current market prices. This represents a substantial commitment to ETH as a primary treasury asset.
Meanwhile, Bit Digital, currently ranked as the seventh largest corporate holder of ETH, announced plans to raise $100 million through a public offering of convertible senior notes. The company provided underwriters with an additional 30-day option to acquire up to $15 million more under the same terms. According to their press release, the capital raised will be primarily directed toward increasing Ethereum holdings, though there’s also provision for potential acquisitions and other digital asset opportunities.
Market Response and Stock Performance
The announcements triggered positive market reactions for both companies’ stocks. Bit Digital’s BTBT shares rose to $3.2, representing an 8.47% increase at market close, though they dipped 5% in after-hours trading. BitMine’s BMNR stock also saw gains, closing at $53.22 with a 5.39% increase, before slipping slightly to $52.96 in after-hours trading.
What’s particularly interesting is that BitMine appears to be continuing its accumulation strategy. On-chain analytics firm Lookonchain reported that a wallet likely linked to BitMine received an additional 25,369 ETH, valued at approximately $106.74 million, from FalconX following the initial disclosure.
Broader Institutional Trend
These moves align with a broader surge in corporate ETH treasury allocations. Data from the Strategic ETH Reserve indicates that ETH treasuries have expanded dramatically from $2.3 billion in June 2025 to over $21 billion by late September. This represents nearly a tenfold increase in just three months.
The trend isn’t limited to these two firms. Lookonchain also highlighted other significant ETH accumulation activities, including one wallet that withdrew 4,985 ETH worth around $21 million from OKX, and another address that has accumulated 21,048 ETH ($88.54 million) since June 2025, with unrealized profits of approximately $8.49 million.
Market Outlook and Price Predictions
These institutional bets come as Ethereum shows renewed strength, recovering from recent lows below $4,000 to trade at $4,202 at the time of reporting, representing a 2.25% daily gain. Market observers are becoming increasingly optimistic about ETH’s prospects.
Some analysts are pointing to what they call a ‘Power-of-3’ pattern, suggesting that the accumulation and manipulation phase has ended and ETH is now entering an expansion phase. This has led to predictions of ETH reaching $6,000 by November 2025, though of course such projections should be viewed with appropriate caution given market volatility.
The bullish sentiment appears to be strengthening further, bolstered by typical Q4 optimism in the cryptocurrency sector. Whether ETH will actually hit the $6,000 target remains to be seen, but the significant institutional accumulation suggests growing confidence in Ethereum’s long-term value proposition.
