BitMine (BMNR) has shifted its focus from mining to building a large Ethereum treasury. Using capital raised through stock offerings, the company is steadily buying and staking ETH, positioning itself as one of the largest corporate holders of the asset.

Currently, BitMine holds about 3.3 million ETH, representing roughly 2.8 % of Ethereum’s total supply, with total crypto and cash holdings exceeding $14 billion. The company recently added another $320 million in ETH and aims to eventually control up to 5 % of the network’s supply.

Even as institutions like ARK Invest, Pantera, and Galaxy Digital continue to accumulate ETH and other crypto assets, market sentiment remains weak. Retail participation has slowed, but institutional conviction in Ethereum’s long-term potential is quietly growing. The question now is whether November will finally bring a rebound for altcoins.