Bitmine Expands Ethereum Treasury With Additional 60,976 ETH Worth Over $120M

Bitmine Immersion Technologies has expanded its Ethereum treasury after purchasing 60,976 ETH worth about $124 million over the past week. The acquisition pushes the company’s total Ethereum holdings to 4.53 million ETH, reinforcing its position as the largest corporate holder of the crypto asset.

The latest purchase means Bitmine now controls roughly 3.76% of Ethereum’s total supply. This represents a remarkable concentration for a single corporate treasury strategy. The aggressive accumulation highlights the firm’s long-term confidence in Ethereum despite recent volatility across the crypto market.

Bitmine Strengthens Its Ethereum Position

According to Bitmine’s chairman, Tom Lee, the Ethereum price has shown resilience despite rising geopolitical tensions and surging oil prices. He added that the broader crypto market may be entering the late stages of the current “mini crypto winter.”

“As the adage goes, nobody ‘rings the bell at the bottom’ and therefore Bitmine’s strategy is to now slightly increase its pace of ETH accumulation. In the past week, we acquired 60,976 ETH compared to an average of 45k to 50k weekly recently,” Lee added. 

At press time, ETH trades at $2,027.20, reflecting a 4.3% increase in the last 24 hours. Moreover, Bitmine’s crypto strategy continues to revolve around building a large ETH reserve while generating yield from staking. The company currently has about 3.04 million ETH actively staked, which represents roughly two-thirds of its total holdings. Staking a large share of its assets allows the company to earn recurring rewards while keeping long-term exposure to Ethereum.

As a result, staking has already become a meaningful revenue stream for the firm. Current estimates suggest Bitmine’s staked ETH produces over $170 million in annualized revenue. This figure could grow further as more of its holdings are deployed into validators.

Ambitious Plan to Capture 5% of Ethereum Supply

Bitmine’s continued accumulation is part of a broader strategy internally called the “Alchemy of 5%.” The company aims to eventually hold 5% of Ethereum’s total supply, strengthening its influence in the ecosystem.

In addition to its ETH holdings, Bitmine reported $10.3 billion in combined crypto and cash assets. This total includes approximately $1.2 billion in cash reserves. The balance sheet also includes smaller positions in Bitcoin and other investments. However, Ethereum remains the core of the firm’s treasury strategy.

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