BitMine Grows Ethereum Holdings to 4.37M ETH

BitMine Immersion Technologies has increased its Ethereum holdings to 4.37 million ETH after a $90 million weekly purchase, even as crypto market sentiment remains weak.

Key Takeaways

• BitMine now holds 4,371,497 ETH, equal to 3.62% of total Ethereum supply.
• The company bought 45,759 ETH last week, its largest weekly purchase this year.
• Annualized staking revenue stands at $176 million, with potential to reach $252 million.
• Chairman Tom Lee says crypto sentiment mirrors the lows of 2018 and 2022.

What Happened?

BitMine Immersion Technologies announced Tuesday that its Ethereum treasury has grown to 4,371,497 ETH, following the purchase of 45,759 ETH worth more than $90 million. The move comes despite a broader crypto market downturn and declining investor sentiment.

The company said its total crypto holdings, cash, and strategic investments now stand at $9.6 billion, reinforcing its position as the largest Ethereum treasury company globally.

BitMine Expands Its Ethereum Bet

The latest acquisition marks the firm’s largest weekly ETH purchase this year in token terms. At a reference price of $1,998 per ETH, BitMine’s Ethereum holdings are valued at roughly $8.7 billion.

The company’s treasury now represents 3.62% of Ethereum’s total supply, which stands at approximately 120.7 million ETH. BitMine has stated it is over 72% of the way toward its long term goal of acquiring 5% of the total ETH supply.

Beyond Ethereum, the firm holds:

• 193 Bitcoin
• $200 million stake in Beast Industries
• $17 million stake in Eightco Holdings
• $670 million in cash

Combined, these assets bring total holdings to $9.6 billion.

Staking Revenue Climbs as MAVAN Launch Nears

Of the total ETH held, 3,040,483 ETH are currently staked, representing about 69% of its treasury. According to the company, this generates $176 million in annualized staking rewards at current yield levels of 2.89%.

Chairman Thomas Tom Lee said that once BitMine’s Made in America Validator Network, known as MAVAN, is fully deployed in early 2026, annual staking rewards could reach $252 million.

Lee said:

The company said it is currently working with three staking providers as it prepares to launch MAVAN in the first quarter of 2026.

Market Performance and Investor Backing

While Ethereum is down roughly 33% year to date, BitMine shares have fallen more than 22% over the same period. The firm is estimated to be sitting on substantial paper losses relative to recent highs.

The company is backed by institutional investors including Cathie Wood, Founders Fund, Pantera, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, and Tom Lee personally.

CoinLaw’s Takeaway

In my experience, companies that commit this aggressively during weak sentiment either look reckless in the short term or visionary in hindsight. I find it hard to ignore the scale here. Controlling 3.62% of Ethereum’s supply is not a small bet. It is a strategic statement.

The fact that BitMine continues buying while sentiment is at what Lee calls rock bottom shows strong conviction. Whether Ethereum rebounds quickly or not, the staking revenue engine gives the company a steady income stream. To me, that combination of long term accumulation and yield generation is what separates strategy from speculation.

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