Bitmine Adds Another $19.5M in ETH, Closing In on 5% of Ethereum Supply
Bitmine Immersion Technologies has strengthened its position as the largest corporate holder of Ethereum after purchasing an additional 10,399 ETH over the past week, a transaction valued at approximately $19.5 million.
The latest acquisition increases the company's Ethereum reserves to 5,797,813 ETH. Based on current market prices near $1,880 per coin, the stash is worth roughly $10.9 billion. When cash, investments, and other digital assets are included, Bitmine's total asset base now stands at around $11.3 billion.
The company said its Ethereum holdings now account for approximately 4.8% of the cryptocurrency's circulating supply, leaving it just short of its long-term target of controlling 5% of all ETH in circulation.
Bitmine has steadily accumulated Ethereum since adopting its treasury strategy in late June last year. Chairman Tom Lee said the firm's buying strategy has been backed by Ethereum's strong performance relative to traditional technology stocks.
According to Lee, periods when Ethereum outperforms the Nasdaq-100 have historically been followed by stronger gains in Bitmine's own shares. He said management believes the stock continues to trade below its intrinsic value, prompting the company to repurchase another 4.5 million shares during the past week.
The buyback forms part of Bitmine's previously approved $4 billion repurchase program. With the latest purchases, the company has bought back more than 16 million shares since the program began, a move Lee described as the largest share repurchase initiative undertaken by a publicly traded digital asset treasury company.
Ethereum remains the centerpiece of Bitmine's strategy, with the company also generating income from staking. Around 4.9 million ETH, representing roughly 85% of its holdings, has been committed to staking through its institutional platform, MAVAN.
Based on current assumptions, Bitmine estimates its staking operations could generate annual revenue of approximately $247 million. The company noted, however, that actual returns will depend on Ethereum network activity, staking yields, and broader market conditions.
Bitmine's latest purchase follows several major acquisitions throughout the year. In April, the company acquired more than 101,000 ETH, pushing its reserves close to the 5 million ETH mark. It continued buying during June's market downturn, adding nearly 127,000 ETH valued at roughly $214 million, with Lee describing the broader crypto weakness at the time as temporary rather than structural.
The accumulation continued in July when Bitmine invested another $49 million into Ethereum. During that period, Lee also pointed to growing interest surrounding Robinhood's Ethereum-based layer-2 blockchain as another positive sign for the ecosystem.
The firm's ongoing buying spree reflects a growing trend among publicly traded companies shifting their digital asset treasury strategies beyond Bitcoin. Rather than simply holding Ethereum, companies are increasingly seeking additional returns through staking while giving shareholders indirect exposure to the asset.
Ethereum has also shown renewed strength in recent weeks. The second-largest cryptocurrency has gained roughly 6% over the past month and is trading near $1,880, giving the network a market capitalization of approximately $255 billion.
Despite the recent recovery, market sentiment remains cautious. Prediction market participants continue to expect further downside before a stronger rally, with traders assigning higher odds to Ethereum falling toward $1,500 before making a move toward the $3,000 level.
Even so, Bitmine continues to build its Ethereum position, signaling confidence that the cryptocurrency will remain a key part of its long-term treasury strategy while the company edges closer to its ambitious goal of owning 5% of the entire ETH supply.