BitMine Doubles Down on Ethereum, Lifts ETH Treasury Past $12 Billion

Ethereum treasury firm BitMine Immersion Technologies (BMNR) has expanded its crypto war chest again, snapping up 102,259 ETH worth roughly $320 million over the past week. The latest purchase pushes the company’s Ethereum holdings to 3,967,210 ETH, now valued at more than $12.4 billion.

Alongside its massive ETH position, BitMine holds 193 Bitcoin worth about $17 million and sits on $1 billion in cash, underscoring its balance-sheet-heavy approach to digital assets.

Chairman Tom Lee said the steady accumulation reflects growing confidence that the market has stabilized following the sharp sell-off seen on October 10. According to Lee, easing volatility and supportive regulatory momentum in 2025—including legislation passed by the U.S. Congress and improving Wall Street sentiment—have reinforced the firm’s long-term crypto thesis.

The purchase marks another chapter in BitMine’s aggressive buying streak. Just a week earlier, the firm disclosed a $429 million ETH acquisition, its largest since October, cementing its status as the largest publicly traded Ethereum treasury company even as ETH prices remain choppy.

Lee added that BitMine believes Ethereum has already found its yearly bottom, prompting the firm to “put capital to work” while prices remain below prior highs. The company is also advancing its proprietary staking infrastructure, the Made in America Validator Network (MAVAN), which could generate up to $400 million in annual staking revenue from its holdings.

Despite the bullish stance, BMNR shares slid nearly 7% on Monday to around $32.48. The stock is now down close to 80% from its June 30 peak of $161. Meanwhile, ETH slipped more than 2% over the past 24 hours, recently trading near $3,010.