Bitmine Immersion Technologies said it kept buying Ethereum while the broader crypto market stayed under pressure. Over the past week, the company added 45,759 ETH, bringing total holdings to 4,371,497 ETH. That equals about 3.62% of Ethereum’s total 120.7 million ETH supply.
Using its disclosed average acquisition price of $1,998 per token, Bitmine valued the Ethereum position at roughly $8.7 billion. The company said this puts it more than 72% of the way toward its stated “Alchemy of 5%” target, a level it said it reached within seven months.
More than 3 million ETH are already staked
Bitmine also outlined the yield side of its strategy. It reported 3,040,483 ETH staked, or about 69% of its total Ethereum holdings. At the same average acquisition price, those staked assets are worth around $6.1 billion.
The company said annualized staking revenue stands at $176 million. If all ETH is fully staked, Bitmine estimated annual rewards could rise to $252 million, based on a 2.89% seven-day yield. For comparison, it cited Quatrefoil’s Composite Ethereum Staking Rate of 2.84% and said its internal operations produced a slightly higher return.
Treasury mix includes Bitcoin, cash, and equity stakes
Beyond Ethereum, Bitmine disclosed 193 Bitcoin, $670 million in cash, and two equity positions: a $200 million stake in Beast Industries and a $17 million stake in Eightco Holdings. The firm said its combined crypto, cash, and “moonshot” holdings total $9.6 billion.
To increase staking capacity, Bitmine said it is developing the Made in America Validator Network, or MAVAN. Deployment is scheduled for early 2026, and the company said three staking providers are already involved.
Tom Lee says buying continues through short-term weakness
Commenting on the latest purchase, Tom Lee said recent price weakness looked attractive relative to Ethereum’s utility. He said the company would continue buying regardless of short-term market moves. Lee also referred to comments he made at Consensus Hong Kong on tokenization, AI agents, and identity standards, adding that Ethereum’s neutrality and reliability were central in those discussions.
Bitmine said it remains the world’s second-largest crypto treasury holder behind Strategy, which announced a separate Bitcoin purchase on the same day.