BitMine Boost Ethereum Stash with $129M Fresh Purchase

BitMine Immersion Technologies, the leading corporate Ether holder, has increased its ETH stash. Over the past week, the firm accumulated 65,341 ETH worth approximately $129 million. This purchase has increased the company’s total Ether holdings to 4,660,903 ETH, currently valued at approximately $10 billion.

BitMine Continues ETH Shopping

With the latest acquisition, BitMine is moving closer to its goal of holding 5% of ETH’s total supply. According to the press release, the company now controls 3.86% of Ether’s total supply.

Apart from its significant position in Ethereum, Bitmine holds 196 Bitcoin. The company also holds a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings, and has a total cash balance of $1.1 billion.

Furthermore, Thomas “Tom” Lee, Chairman of BitMine, highlighted Ethereum’s performance since the war in Iran began. According to him, ETH outperformed the broader market rising 18% and surpassing equities by 2,450bps. Ether, the second-largest cryptocurrency sold at $2,181 at the time of writing, representing a 4.9% increase in the last 24 hours. 

“This is a marked contrast to Gold (a traditional store of value), which has fallen more than 15%. Crypto is demonstrating itself to be a good ‘war time’ store of value. The Clarity Act continues to make progress in Congress and is expected to be signed into law before the end of April. In fact, prediction markets like Polymarket.com see greater than 68% chance of passage before the year’s end. This is a positive fundamental catalyst for Ethereum. And another reason probabilities favor the crypto winter as being largely behind us,” Lee added.

Staking Rewards

In addition to amassing a substantial Ethereum reserve, BitMine has staked about 3.14 million ETH to earn passive income. Staked ETH accounts for approximately 67% of the company’s total 4.7 million ETH holdings. Currently, staking generates $184 million in annualized revenue. 

Lee noted that this milestone positions BitMine as the largest staker of Ethereum globally. Moreover, these rewards are projected to reach $272 million annually when deployed through the firm’s Made in America Validator Network (MAVAN) and partner staking providers. This income stream underscores how staking can serve as a powerful monetization tool for large holders.