Bitmine Immersion Technologies has pushed its Ethereum holdings to a record 4.33 million ETH, representing roughly 3.6% of ETH's total circulating supply, cementing its status as the largest known corporate holder of the asset.
Combined with Bitcoin and cash, the firm's total crypto and cash reserves are valued at approximately $10 billion. The company is chaired by well-known investor Tom Lee.
$83 Million ETH Purchase in One Day
On-chain data from Lookonchain shows Bitmine made two large buys on Monday: an initial 20,000 ETH (worth $42.3 million) from BitGo, followed by another purchase of the same size. The total haul: 40,000 ETH for about $83 million.
“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive given the strengthening fundamentals,” said Tom Lee, Executive Chairman. “The price of ETH is not reflective of its high utility and role as the future of finance.”
Staking Strategy Underpins Long-Term Bet
Nearly 2.9 million ETH of Bitmine's holdings are currently staked, generating yield through the firm's expanding Ethereum infrastructure operations. The company said its ETH-focused strategy targets long-term value creation, not short-term price moves.
Lee described recent price weakness as an opportunity, citing Ethereum's history of sharp recoveries after deep drawdowns and pointing to staking yields as an additional source of return.
Ethereum has struggled to regain upside momentum amid broader risk-off sentiment across crypto markets. Still, Bitmine’s continued buying underscores growing institutional interest in ETH as a treasury asset, even as near-term price action remains uncertain.