BitMine Immersion Technologies expanded its Ethereum treasury last week with the purchase of 45,759 ether valued at more than $90 million, marking its largest weekly ETH acquisition in token terms so far this year. The move comes amid a broader downturn in digital asset prices, with management signaling continued confidence despite weak market sentiment.
Following the latest transaction, BitMine’s total holdings have climbed to 4,371,497 ETH. At current market prices near $1,967 per token, the firm’s ether position is worth roughly $8.7 billion. Given higher historical acquisition levels, the company is estimated to be carrying significant unrealized losses on paper, though it has maintained a long term accumulation strategy.
BitMine has also strengthened its staking operations. More than 3 million ETH, representing about 69% of its total holdings, are currently staked on the Ethereum network. According to the company, these positions generate approximately $176 million in annualized rewards at a staking yield of 2.89%. The staking income provides a recurring revenue stream that partially offsets market volatility in spot prices.
In addition to its ether reserves, BitMine reported $670 million in cash alongside a smaller bitcoin position and equity investments, including a $200 million stake in Beast Industries. Total assets stand at approximately $9.6 billion. The company’s ether holdings now represent around 3.62% of Ethereum’s total circulating supply, underscoring its role as a major institutional participant within the ecosystem.
Chairman Tom Lee commented that the prevailing sentiment in crypto markets resembles the subdued conditions seen during the 2018 crypto winter and the market bottom in late 2022. He noted that investor enthusiasm appears muted, with capital flows cautious following a recent deleveraging phase. However, Lee emphasized that the current environment differs from prior downturns in that there have been no large scale institutional collapses destabilizing the broader system.
Lee also pointed to structural developments within the Ethereum ecosystem, including continued progress in tokenization, artificial intelligence integrations and identity based infrastructure. He argued that Ethereum’s network utility and role in decentralized finance are not fully reflected in its current market price, framing the present weakness as a cyclical downturn rather than a fundamental deterioration.
BitMine’s continued accumulation strategy signals confidence in Ethereum’s long term prospects even as price momentum remains under pressure. By combining direct exposure to ether with staking based yield generation, the firm is positioning itself to benefit from both capital appreciation and network level income if broader market conditions stabilize.
