Bitmine Immersion Technologies has expanded its Ethereum treasury to a new record, with total holdings now reaching 4.326 million ETH, as the company continued aggressive accumulation despite ongoing volatility in the crypto market.
In a recent disclosure, the Tom Lee–chaired firm said its Ethereum position now represents around 3.6% of ETH’s circulating supply, making Bitmine the largest known corporate holder of Ethereum. Combined with its Bitcoin and cash reserves, Bitmine’s total crypto and cash holdings are valued at approximately $10 billion.
Fresh $83 million ETH purchase
On-chain data highlighted by Lookonchain shows that Bitmine added 40,000 ETH in a single day, worth roughly $83.4 million. This included a 20,000 ETH purchase valued at about $42.3 million from BitGo, followed by an earlier buy of the same size.
Commenting on the strategy, Bitmine Executive Chairman Tom Lee said the company views the recent pullback as an opportunity rather than a risk.
“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Lee said. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
Long-term strategy anchored by staking
Bitmine said nearly 2.9 million ETH of its holdings are currently staked, generating yield through the company’s expanding Ethereum infrastructure operations. The firm emphasized that its ETH strategy is focused on long-term value creation, not short-term price movements.
Lee pointed to Ethereum’s history of strong rebounds after deep drawdowns and highlighted staking income as an additional layer of return that supports the company’s conviction.
While Ethereum has struggled to regain upside momentum amid broader risk-off sentiment across crypto markets, Bitmine’s continued accumulation underscores growing institutional confidence in ETH as a treasury asset, even as near-term price action remains uncertain.
