Bitmine Immersion Technologies purchased 101,901 ether for approximately $236 million in the past week, pushing its total holdings to more than 5 million tokens as the firm continues its aggressive accumulation strategy.
"This is a major milestone as the company moves towards acquiring 5% of the ETH supply," Tom Lee, Chairman of Bitmine, said in a statement. Lee also highlighted Ethereum’s recent performance, stating ETH has been the "single best performing asset in the world beside crude oil" since the Iran conflict began and is emerging as a "wartime store of value."
The latest acquisition brings the firm’s total ether treasury to 5,078,386 ETH, representing 4.21% of the token's total circulating supply, according to a company update on Monday. Bitmine has also staked approximately 3.7 million of its tokens, or 73% of its holdings, through its Mavan institutional staking platform, generating an estimated $264 million in annualized revenue.
The purchase solidifies Bitmine’s position as the largest known corporate holder of Ethereum, a strategy it initiated just 10 months ago after pivoting from bitcoin mining. The firm’s total crypto and cash holdings now stand at $13.3 billion, making it the second-largest corporate crypto treasury after Strategy Inc.’s bitcoin-focused portfolio.
Bitmine’s expansion into staking provides a significant revenue stream on its large ETH position. The firm’s Mavan (Made in America Validator Network) platform, launched in March 2026, supports its own treasury while also catering to institutional clients. The company anticipates its annualized staking rewards could reach $363 million when its full treasury is deployed, based on recent yield metrics.
This strategy contrasts with most other digital asset treasury companies, which have largely paused accumulation during the market downturn. Bitmine’s consistent, large-scale purchases signal strong institutional conviction in Ethereum as a core treasury asset.
Lee’s "wartime store of value" thesis is based on recent analysis from Etherealize and Ethereum's market performance. He noted that ETH has outperformed the S&P 500 by 1,696 basis points since the start of the recent Iran conflict.
As of 14:00 UTC, Ethereum (ETH) traded at $2,315, according to CoinGecko data. While the price is up approximately 16% over the last 30 days, it remains more than 53% below its all-time high of $4,946 set in August 2025. Bitmine's stock (BMNR) saw minimal changes in pre-market trading following the announcement.
This article is for informational purposes only and does not constitute investment advice.
