Bitmine Immersion Technologies said it purchased 71,672 ETH over the past week, adding to its position while Ether traded below $2,200. In its latest corporate update, the NYSE-listed company said Chairman Tom Lee viewed that price level as an attractive entry point. After the purchase, Bitmine's total Ether holdings reached 5,278,462 ETH.
Holdings now equal about 4.37% of Ether supply
According to the company, its current treasury represents roughly 4.37% of Ethereum's total supply. Bitmine said it has now completed 87% of its goal to accumulate 5% of all ETH outstanding. Using a reference price of $2,191, the company valued its Ether holdings at about $11.56 billion.
Bitmine also disclosed other balance sheet assets, including $685 million in cash, 202 BTC, and additional investments. Total assets were listed at approximately $12.6 billion. The company moved to the New York Stock Exchange main board in April and has continued expanding its Ether reserves since then.
More than 4.7 million ETH already staked
Of the total holdings, 4,712,917 ETH have been committed to staking through Bitmine's institutional platform MAVAN. Based on an annualized yield of about 2.80%, the company estimated that this staked position could generate roughly $289 million in yearly income. If all ETH holdings were eventually staked, that figure could rise above $324 million.
The update shows that Bitmine is not only building a larger Ether treasury. It is also using staking to turn that inventory into recurring income, tying both its balance sheet and cash generation more closely to Ethereum.
Tom Lee points to tokenization and AI demand
In his chairman's letter, Tom Lee said Ethereum stands to benefit from Wall Street's asset tokenization push and from AI-related demand for neutral public blockchain infrastructure. He also said Bitmine expects to reach its target of holding 5% of ETH supply in 2026.
Lee also referenced the proposed CLARITY Act in the United States. In the company's view, passage of the bill would create a clearer regulatory framework for the crypto industry, a development Bitmine described as supportive for Ethereum and the broader digital asset market.