Bitmine Doubles Down on Ethereum, Adds $207M in ETH as Market Slump Deepens
Bitmine Immersion Technologies significantly expanded its Ethereum reserves last week, purchasing 126,971 ETH for approximately $207 million as the second-largest cryptocurrency continued to trade well below its recent highs.
The latest acquisition lifted Bitmine’s total Ethereum treasury to 5,543,872 ETH, representing roughly 4.6% of the asset’s circulating supply. The company is now closing in on its ambitious “Alchemy of 5%” goal, requiring fewer than 500,000 additional ETH to reach ownership of 5% of all ether currently in circulation.
The aggressive buying spree marks a major acceleration from the previous week, when the firm added just 26,497 ETH. According to Bitmine Chairman Tom Lee, the company viewed Ethereum’s sharp decline as an opportunity rather than a warning sign.
Lee argued that the market’s reaction has failed to reflect Ethereum’s improving fundamentals, prompting the company to increase purchases as prices weakened. Ether has fallen around 30% from its April peak and recently traded below the $1,700 level amid a broader crypto market correction.
The decline has also weighed on Bitmine’s stock performance. Shares of BMNR closed at $15.90 on June 7, down roughly 31% over the past month as investors reacted to the wider downturn in digital assets.
Beyond simply holding ETH, Bitmine continues to generate yield through staking. As of June 7, approximately 4.72 million ETH—around 85% of its total holdings—was actively staked. Based on current reward rates, the company estimates annualized staking income of about $230 million. That figure could climb to roughly $270 million as more assets are deployed through Bitmine’s MAVAN (Made in America Validator Network) infrastructure and partner staking services.
Originally developed to manage the company’s own treasury operations, MAVAN is now being positioned as a staking solution for institutional investors, custodians, and other participants in the Ethereum ecosystem.
Bitmine’s broader balance sheet has also expanded substantially. The company reported total crypto holdings, cash reserves, and strategic investments valued at approximately $9.6 billion. This includes $247 million in cash, a $180 million investment in Beast Industries, and an $88 million position in Eightco Holdings, which the firm described as providing indirect exposure to OpenAI-related growth trends.
Despite the recent market turbulence, Lee remains optimistic about Ethereum’s future. He suggested that the selloff reflects short-term sentiment rather than structural weakness, adding that advances in artificial intelligence could ultimately increase demand for secure and decentralized blockchain networks such as Ethereum.
With more than 5.5 million ETH under management, Bitmine remains the largest corporate holder of Ethereum and one of the largest crypto treasury companies globally, trailing only Strategy in overall cryptocurrency treasury size.