BitMine Immersion now holds roughly 4.596 million Ethereum after another week of large purchases. The position, worth more than $10.4 billion at current prices, highlights one of the largest concentrated bets on ether by a single corporate treasury.
The firm added about 60,999 ETH over the past week, continuing an aggressive accumulation strategy. The latest purchase follows a similar transaction earlier when BitMine acquired 60,976 tokens, lifting holdings from roughly 4.53 million ETH.
BitMine’s combined balance sheet, including digital assets, cash, and venture-style investments, now totals approximately $11.5 billion. The Ethereum holdings alone represent about 3.8% of the asset’s circulating supply, as the firm works toward a long-term target of controlling 5%.
Bitmine Immersion Technologies, Inc.
Can Corporate Treasuries Reshape Ethereum Supply Dynamics?
A large portion of BitMine’s ether position is actively deployed in staking. The company reported that around 3.04 million ETH are currently staked, representing about $6.6 billion and generating roughly $180 million in annualized staking revenue.
The scale of those holdings places BitMine among the largest institutional participants in Ethereum’s staking ecosystem. Corporate treasury strategies have increasingly mirrored bitcoin accumulation models, where firms build long-term reserves while extracting yield from network participation.
Tom Lee, chairman of BitMine Immersion, said the firm has slightly accelerated purchases in recent weeks as market conditions shift.
“Since the start of the Iran war, crypto prices have outperformed, and Ethereum has outperformed the S&P 500 by 2,450bp,” Lee said. “This is a meaningful outperformance in a mere two weeks.”
The company has also coordinated transactions directly with the Ethereum Foundation. BitMine recently purchased 5,000 ETH in an over-the-counter deal worth roughly $10 million, providing funding to the nonprofit while avoiding potential selling pressure in public markets.
Beyond its core Ethereum strategy, BitMine continues to deploy capital into adjacent investments. The firm recently allocated an additional $80 million to Eightco Holdings, which disclosed a $50 million equity investment in OpenAI as part of a broader $125 million capital raise.
BitMine’s expanding treasury strategy introduces a new variable into Ethereum’s supply structure. Market participants will watch whether further corporate accumulation tightens circulating supply, particularly if ether staking participation continues to increase.
