Bitmine Significantly Boosts Ethereum Holdings, Becomes Largest Corporate ETH Holder

Bitmine Immersion Technologies has substantially increased its Ethereum holdings, now controlling 4.42 million ETH, representing 3.66% of the total supply. This strategic move positions the company as the world's largest corporate holder of Ether, with its treasury valued at approximately $8.7 billion at current market prices.

Key Takeaways

• Bitmine now holds 4.42 million ETH, accounting for 3.66% of the total supply.

• The company's Ethereum treasury is valued at roughly $8.7 billion.

• This makes Bitmine the largest corporate holder of Ether globally.

• The accumulation occurred during a period of market downturn, which Bitmine views as an attractive buying opportunity.

• A significant portion of Bitmine's ETH holdings are staked, generating substantial annualized revenue.

Strategic Accumulation Amidst Market Volatility

Bitmine's latest acquisition marks a significant increase of 51,162 ETH in just the past week. The company is now approximately 27% away from its stated goal of acquiring 5% of the total ETH supply. Chairman Tom Lee described the recent market conditions as a "mini crypto winter," yet Bitmine views this pullback as an attractive entry point due to strengthening fundamentals.

Lee highlighted three key drivers for Ethereum's long-term potential: the increasing adoption of tokenization by Wall Street, the growing use of smart blockchains for execution and payments in artificial intelligence applications, and the creator economy's shift towards blockchain-based verification.

Staking Operations and Revenue Generation

Of Bitmine's total Ethereum holdings, approximately 68.7% (3,040,483 ETH) is currently staked. These staking operations are generating an estimated $171 million in annualized revenue, based on a 2.89% 7-day yield. The company anticipates this staking revenue could reach $249 million annually once its entire Ether position is staked through its planned infrastructure platform, the Made in America Validator Network (MAVAN), set to launch this quarter.

Broader Financial Portfolio

Beyond its substantial Ethereum holdings, Bitmine's balance sheet as of February 22 included 193 BTC, $691 million in cash, a $200 million stake in Beast Industries, and a $17 million stake in Eightco Holdings. This brings the company's total crypto, cash, and strategic investments to $9.6 billion.

Market Reaction and Ethereum's Price

Despite Bitmine's significant purchase, the announcement has had a limited immediate impact on Ethereum's price. Ether has been trading around $1,900, testing support levels. Market analysts suggest that while institutional buying is a positive signal, broader market sentiment, ETF outflows, and large holder selling have contributed to mixed on-chain signals and kept downward pressure on the price in the near term. Some reports indicate that while long-term holders are showing resilience, short-term holders are maturing into mid-term holders, suggesting a wait-and-see approach before committing additional capital.

Sources

• Bitmine ups Ethereum treasury stake to 4.42 million ETH, now holds 3.66% of supply, The Block.

• BitMine ramps Ethereum to 3.6% supply while price tests support, crypto.news.

• BitMine’s $93 Million Ethereum Buy Fails To Trigger Price Rise, BeInCrypto.