Bitmine Immersion Technologies disclosed another major Ether purchase, adding 65,341 ETH valued at about $139 million. The new buy lifted the company’s total holdings to roughly 4.661 million ETH. As of March 23, Bitmine remained one of the largest corporate holders of Ether.
The company said it has accelerated its buying pace over the past three weeks. Chairman Tom Lee said in a company statement that Ether appears to be in the final stage of a “mini-crypto winter” after months of pressure across digital asset markets. It was a short remark, but it framed the latest purchase clearly.
Holdings now equal 3.86% of circulating Ether
Using Ethereum’s circulating supply of about 120.69 million tokens, Bitmine’s position now represents roughly 3.86% of supply. The company has previously said it wants to accumulate 5% of circulating Ether over time.
At the current supply level, Bitmine would still need around 1.37 million ETH to hit that mark. At prices near $2,156, the additional purchases would require close to $3 billion. That figure can change, though. Ether’s supply is not fixed, and issuance and token burning can shift the amount needed to reach a 5% share.
More than 3 million ETH is staked
Bitmine said more than 3 million ETH from its holdings is now staked. That shows the company is not treating Ether only as a treasury reserve; it is also deploying those assets inside Ethereum’s proof-of-stake system.
The balance sheet includes other assets as well: about $1.1 billion in cash, 196 Bitcoin, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings. Public reports citing Strategic ETH Reserve data placed Bitmine ahead of other treasury-focused Ether holders, with SharpLink Gaming and Ether Machine still well behind.
Lee pointed to policy progress and market resilience
In the company statement, Lee tied his view to policy and market signals. He referenced progress on the CLARITY Act and also pointed to how Ether and other digital assets had held up during recent geopolitical stress.
The latest purchase also fits a broader pattern seen across 2025, with more companies allocating capital to crypto treasury strategies. For Bitmine, the central question now is simple: how quickly it can close the gap to its 5% circulating supply target if the current pace of accumulation continues.