Bitmine Expands Its Ethereum Position
Bitmine Immersion Technologies said that, as of March 22, its combined cryptocurrency, cash, and selected investment reserves had climbed to $11 billion. The company attributed much of that increase to its growing Ethereum treasury.
According to the disclosure, Bitmine holds 4,660,903 ETH, valued at roughly $2,072 per coin. It also reported ownership of 196 BTC and $1.1 billion in cash. Additional positions in Beast Industries and Eightco Holdings contribute to the broader reserve base.
3.86% of ETH Supply and a Heavy Staking Focus
The company said its Ethereum holdings now represent about 3.86% of total ETH supply, placing it among the largest ETH holders globally. Of that amount, around 3.14 million ETH is currently staked, with an estimated value of about $6.5 billion, underscoring how central staking is to Bitmine’s treasury strategy.
Bitmine reported annualized staking revenue of about $184 million. That figure could rise to as much as $272 million once its MAVAN validator network is fully deployed. The staking platform is expected to launch later this year.
Recent Buying Accelerates as Management Sees Market Recovery
Bitmine has also stepped up purchases in recent weeks. The company said it acquired more than 65,000 ETH in the past week alone, above its previous weekly average. Management said this reflects its view that the market may be nearing the end of a downturn.
Chairman Tom Lee added that Ethereum had outperformed traditional assets during recent geopolitical tensions, noting a gain of 18% while gold prices declined. He also pointed to regulatory momentum, including expectations surrounding the Clarity Act, as a potential tailwind for Ethereum.
Stock Remains Active Despite Sharp Declines
While Bitmine has been aggressive in digital asset accumulation, its stock has remained under pressure. The company said its shares ranked among the 101 most traded in the United States, with an average daily trading value of roughly $1.2 billion over a five-day period. Still, the stock is down 25% year to date and has fallen more than 65% over the past six months.
Overall, Bitmine is building a corporate strategy centered on large-scale Ethereum ownership and staking income. As market sentiment stabilizes, that concentrated ETH exposure is likely to remain a key focus for investors.