- Bitmine now holds more than 4.53 million ETH worth roughly $8.9 billion
- About two-thirds of the treasury is staked, generating yield from the network
- The company aims to eventually control 5% of Ethereum’s total supply
Bitmine Immersion Technologies has expanded its already massive Ethereum treasury, reinforcing its position as the largest corporate holder of ETH. The company disclosed that it acquired an additional 60,976 ETH over the past week, spending roughly $120 million to grow its digital asset reserves.
Following the purchase, Bitmine’s total holdings now stand at about 4,534,563 ETH. That amount represents roughly 3.76% of Ethereum’s circulating supply, which is estimated to be around 120.7 million tokens. At a market price near $1,965 per ETH, the company’s Ethereum stack is valued at approximately $8.9 billion.
Staking Generates Yield From the Ethereum Treasury
A significant portion of Bitmine’s holdings is not sitting idle. The company reported that roughly 3,040,483 ETH, or about two-thirds of its treasury, is currently staked on the Ethereum network. Through staking rewards, the company estimates it is generating about $174 million in annualized revenue based on current network yields.
Staking allows ETH holders to earn rewards by helping secure the network and validate transactions. For firms holding large amounts of Ethereum, this mechanism can turn a passive treasury into a yield-generating asset.
Bitmine Targets 5% of Ethereum’s Supply
Bitmine has been steadily expanding its Ethereum reserves as part of a broader strategy. The company refers to its long-term objective as the “alchemy of 5%,” an internal target to eventually control around five percent of Ethereum’s total token supply.
If achieved, that level of ownership would make Bitmine one of the most influential corporate participants within the Ethereum ecosystem. Such a position could also give the company significant exposure to ETH’s price movements and staking rewards.
Company Sees Opportunity in Late Crypto Downturn
Chairman Tom Lee said the firm accelerated its accumulation strategy as crypto markets move through what he described as the later stages of a downturn. Despite ongoing geopolitical tensions and rising oil prices, Lee noted that Ethereum’s price has shown resilience.
The company believes the digital asset market may be approaching the final phase of what Lee called a “mini crypto winter.” Firms that accumulate during weaker market conditions often aim to benefit from price appreciation once the next bullish cycle begins.
Ethereum Dominates Bitmine’s Balance Sheet
Bitmine’s balance sheet is now heavily centered around Ethereum. The company reported roughly $10.3 billion in total crypto and cash holdings, with ETH making up the majority of that value.
In addition to its Ethereum reserves, Bitmine also holds about $1.2 billion in cash and 195 Bitcoin. The firm also maintains minority stakes in companies such as Beast Industries and Eightco Holdings, adding a small layer of diversification to its digital asset-focused strategy.
