BitMine Expands Ethereum Treasury With $123M Buy as ETH Reclaims $2,000
BitMine Immersion Technologies has significantly expanded its Ethereum reserves, adding nearly 61,000 ETH over the past week as the cryptocurrency recovered above the $2,000 level after spending the weekend below the threshold.
The publicly listed company revealed Monday that it purchased 60,976 ETH—worth roughly $123 million—bringing its total holdings to 4,534,563 ETH. With Ethereum trading around $2,015 at the time of the announcement, the firm’s Ethereum treasury is valued at approximately $9.14 billion.
Beyond its crypto reserves, BitMine also reported holding $1.2 billion in cash and roughly $13.4 million in Bitcoin.
Ethereum has gained about 5% over the past week, though the price action has been volatile. The asset briefly surged to around $2,179 midweek during a broader crypto market recovery before retreating and slipping below $2,000 by Friday. It remained under that level until early Monday, when prices rebounded.
BitMine Chairman Tom Lee said the market’s performance during the week reflected notable strength despite macroeconomic pressures.
“Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices,” Lee said, adding that the firm believes the crypto market may be approaching the final stages of a prolonged downturn.
Despite the recent bounce, short-term sentiment among traders remains cautious. Prediction market participants currently place a higher probability on Ethereum dropping toward $1,500 rather than rallying to $3,000.
BitMine has emerged as the largest corporate holder of Ethereum and the second-largest crypto treasury company overall, trailing only Strategy, the Bitcoin-focused firm that popularized the corporate crypto accumulation strategy in 2020.
Even so, many crypto treasury companies are facing steep unrealized losses following months of declining prices. Based on cost estimates from analytics platform DropsTab, BitMine’s ETH position is currently estimated to be about $7.8 billion below its acquisition cost, though the calculation does not yet account for the firm’s most recent purchases.
The company has already staked roughly $6 billion worth of its ETH holdings to generate yield through the Ethereum network. BitMine plans to eventually stake its entire reserve as part of its upcoming Made in American Validator Network (MAVAN). At current staking rates, the firm estimates that fully staking its holdings could generate roughly $259 million in annual yield.
Meanwhile, Bitcoin continues to face pressure in the broader market. The leading cryptocurrency was trading near $66,456 on Sunday, down about 1.7% over 24 hours. While still up roughly 1.4% over the past week, Bitcoin has fallen about 7.3% over the last month as geopolitical tensions and rising oil prices weigh on global markets.
Ethereum has also struggled compared with last year’s highs. The asset remains about 59% below its all-time high of $4,946 set in August, though its price has stabilized in recent weeks and is nearly flat over the past month.
Shares of BitMine (BMNR) rose more than 3% shortly after markets opened Monday, trading at around $19.49. Despite the early gain, the stock remains down nearly 10% over the past month as investors navigate broader volatility across both crypto and traditional financial markets.